Cement News tagged: Corporate
LafargeHolcim receives revised divestment order from India
LafargeHolcim has received a revised order from the Competition Commission of India (CCI) to divest its interest in Lafarge India, including three cement plants and two grinding stations with total capacity of 11Mta. " The proposed transaction is an alternate remedy for the merger of the group's legacy companies and now forms part of the company's CHF3.5bn (US$3.54bn) divestment target in 201...
FLSmidth receives large cement order in Algeria
FLSmidth has signed an EPC (Engineering, Procurement and Construction) contract with a value of more than EUR200m with SARL Amouda Ingineering for the supply of a greenfield cement plant in Algeria. The plant will be located in El Beida (Laghouat), approximately 400km from the capital Algiers. The order includes engineering, equipment supplies, construction, commissioning and training. On...
Domestic sales drive Pakistan dispatch growth
Pakistan cement dispatches increased by 6.38 per cent to 21.3Mt in the first seven months of the current fiscal compared to 20Mt in the corresponding period of FY14-15, according to the All Pakistan Cement Manufacturers Association. The increase is attributed to robust growth in domestic dispatches, which rose by 15 per cent YoY to 17.9Mt. Exports, on the other hand, declined by almost a qua...
Russia's Sberbank sells 6.12% stake in LafargeHolcim
Russia's Sberbank confirmed on Friday it had sold a 6.12 per cent stake in LafargeHolcim to a group of foreign investors. Sberbank acquired a 6.12 per cent stake in LafargeHolcim in January from Eurocement Holding AG as part of a repurchase agreement.
Cemex outlines 2016 investment spend
Cemex plans to invest US$700m in various maintenance and expansion projects in 2016, according to Fernando González, CEO of Cemex. Of the total sum US$450m will be allocated to plant maintenance while the balance will be invested in expanding its current operations, repositioning of stock and a new plant in Colombia. In 2015 Cemex carried out a cost reduction programme, along with increasi...
Cemex reports positive net income for the first time in six years
Cemex announced yesterday that, on a like-to-like basis for the ongoing operations and adjusting for currency fluctuations, consolidated net sales increased by two per cent during 4Q15 to US$3.4bn, and increased five per cent for the full year 2015 to US$14.1bn versus the comparable periods in 2014. Operating EBITDA on a like-to-like basis increased by seven per cent during 4Q15 to US$663m, an...
Cemex Latin American Holdings profits drop 65%
Cemex Latin American Holdings saw turnover decline by 17.3 per cent to US$1427.1m and EBITDA dropped by 22 per cent to US$449.8m with the margin declining from 33.5 to 31.5 per cent. The trading profit fell by 41.2 per cent to US$281.5m and after an 18.5 per cent drop in financial expenses to US$73.7m and other items, the pretax profit dropped by 55 per cent to US$188.5m. After tax and mino...
Vicat underlying turnover eases by 4.4%
Vicat's turnover improved by 1.5 per cent in 2015 to EUR2458m, which translates into an underlying decline of 4.4 per cent on a like-for-like basis. Turnover in cement advanced by 0.8 per cent to EUR1495m, or EUR1256m after deducting inter-group transfers. Aggregates and concrete sales improved by 3.6 per cent to EUR914m, while other activities saw turnover edging ahead by 0.4 per cent to E...
Reliance Infrastructure to sell cement arm to Birla Corp
Reliance Infrastructure (RInfra) has signed a share purchase agreement with Birla Corp to sell 100 per cent in Reliance Cement Company (RCCPL). The deal values cement business of RInfra at INR48bn. Under the transaction, Birla Corporation will acquire the 100 per cent shareholding of RInfra in RCCPL. The deal is still subject to approval by the Competition Commission of India, among others...
LafargeHolcim considering revised divestment plan in India
LafargeHolcim confirmed today that it is considering a divestment of its interest in Lafarge India with a cement capacity of around 11Mta. The divestment would require the approval of the Competition Commission of India (CCI) as an alternative remedy for the merger of the group’s legacy companies. The company said in a statement that it is no longer in discussion with Birla Corporation Limi...
CRH and Dalmia expected to bid for Jaiprakash assets
CRH and India's Dalmia Cement are likely to submit separate bids next month for the cement business of Indian infrastructure builder Jaiprakash Associates, two sources with direct knowledge told Reuters. The deal is likely to be worth about US$3bn, which is the total debt linked to the cement business, the sources said, adding that binding bids were due next month. Others possible bidders inc...
Russia’s Sberbank reportedly selling LafargeHolcim stake
Sberbank, Russia’s largest lender, is selling a stake in Swiss cement business LafargeHolcim Ltd valued at about CHF1.5bn (about US$1.5bn), Bloomberg reported late Wednesday, citing a termsheet. UBS Group AG is sole bookrunner on the sale of 37.2m shares, the terms showed. Sberbank acquired a 6.12 per cent stake in LafargeHolcim in January from Eurocement Holding AG as part of a repurchase ag...
Votorantim to invest in Spanish plant
Votorantim Cimentos will invest EUR1.7m in the Toral de los Vados cement plant of its Spanish subsidiary Cementos Cosmos. The investment will fund environmental improvements as well as health and safety initiatives. Last year the Brazilian major invested around EUR1.8m in the modernisation of the facilities despite the works seeing clinker production fall by 10 per cent with further decline...
Eeva Sipilä to step down as Cargotec CFO
Eeva Sipilä, Cargotec's Chief Financial Officer (CFO) will leave Cargotec to take up the position of CFO at Metso Corporation. Eeva Sipilä will continue in her current position and as a member of Cargotec's Executive Board latest until the end of July 2016. The process for finding her successor has been started. "I want to thank Eeva for many great achievements in building our finance orga...
Lafarge not to proceed with US$765.8m Indian deal, Birla says
Lafarge's Indian unit has scrapped an agreement to sell two of its cement units to Birla Corp, the latter said in an exchange filing. On Tuesday Birla Corp said in a notice to the Bombay Stock Exchange that it had now been informed about Lafarge India's "inability to proceed" with the transaction. After consultation with lawyers, the company “has decided not to accept their contention an...
China: CNBM warns of 70% drop in 2015 profit
CNBM has issued a profit warning, predicting that the net profit for 2015 will be 70 per cent down YoY, mainly attributable to the slowdown in cement demand growth and severe overcapacity in the industry. As a result, the Chinese cement major saw a significant drop in cement prices. Earlier this week, Huaxin Cement also said it expects 2015 net profit to fall 90-95 per cent YoY due to wea...