Displaying items by tag: Acquisition
South Korea: Hanil Cement and LK Investment Partners have been chosen as the preferred bidders for the acquisition of Hyundai Cement. They won out against rival bidders as their offer was higher than expected at US$567m, according to the Maeil Business Newspaper. They were bidding to buy a 85% stake in Hyundai Cement. If the purchase completes then Hanil Cement could increase it market share to 30% from 20% at present.
Italy: Spectris, the company that owns Panalytical, has acquired Pixirad, a technology company that develops and distributes X-ray detectors. The business will be integrated into Panalytical within Spectris’ Materials Analysis division.
Pixirad was established in 2012 under the spin-off programme of the Instituto Nationale di Fisica Nucleare (INFN). The detector technology was originally developed through research into advanced particle physics and space research technologies and has been improved by Pixirad for use with high energetic X-rays. Before the purchase, Panalytical solds the Pixirad detectors as a high-end option for its Empyrean X-ray diffraction (XRD) instrument used for various materials analysis applications. Following the acquisition the combination of Pixirad’s technology with Panalytical’s experience in products using X-ray detectors is expected to allow expansion of the range applications addressed by existing and future instruments.
India: A representative of Jaiprakash Associates’ bank ICICI has told local media that its sale of assets to UltraTech Cement should be concluded ‘soon.’ ICICI Bank's managing director and chief executive officer Chanda Kochhar made the comments to the CNBC TV18 television channel in an interview. He added that the transaction was moving well in terms of regulatory approval. The deal covers over 20Mt/yr of cement production assets that are being sold for a value of US$2.4bn.
US: The shareholders of Headwaters have approved the acquisition of the company by Australia’s Boral. Over 98% of the votes cast were in favour of the deal. Boral will now continue to seek regulatory approval for the purchase and it plans to complete the deal by mid-2017. Headwaters’ Construction Materials division is one of the largest marketers of fly ash in the US.
US: Germany’s Takraf has acquired the Material Handling Systems business of FMC Technologies (FMC MHS) based in Lansdale, Pennsylvania. FMC MHS provides material handling solutions to a variety of industries including mining, minerals, power and food. It also manufacturers a line of proprietary equipment for rotary drying and cooling of various materials. FMC MHS will be integrated into Takraf’s US business, located in Denver, Colorado and it will retain its office presence in Lansdale. No value has been released for the transaction.
“This acquisition brings with it a number of advantages that we seek to leverage. We identified a need to add to our equipment portfolio and this opportunity enables us to realise our strategic goals – to strengthen our position in the lighter material handling business and reinforce our growth strategy,” said Frank Hubrich, chief executive officer of Takraf. He added that FMC MHS’ product portfolio will enable the company to provide a range of equipment catering to smaller volumes and integrated in-plant conveyor solutions.”
UK: Sweden’s BillerudKorsnäs has purchased a minor stake in technology company Hanhaa in order to invest in the so-called ‘internet of packaging.’ The company’s technology allows users to track the location and the condition of deliveries in real time and on a large scale across carriers and countries. The investment is being made by a development wing of BillerudKorsnäs in order to develop new solutions in the packaging value chain. No value for the transaction has been disclosed but the investment has been described as ‘small’.
“Combining our own core-related skills with the skills of these start-up companies will allow us to create fruitful collaborations and together identify entirely new solutions. We will also draw on our experience and knowledge of bringing products to market on an industrial scale. Together with Hanhaa, we’re continuing to build tomorrow’s internet of packaging. Expanding our offering of digital solutions will allow us to continue challenging conventional packaging for a sustainable future,” said BillerudKorsnäs Venture Managing Director Anders Persson.
BillerudKorsnäs produces packaging materials and its clients include cement producers.
US: Terex Corporation has completed the sale of its Material Handling and Port Solutions (MHPS) business to Finland’s Konecranes for US$595m and Euro200m in cash and 19.6 million newly issued class B shares representing a 25% interest in Konecranes. The final transaction is subject to post-closing adjustments for cash, debt, working capital, MHPS actual 2016 EBITDA and the closing of the sale of the Stahl CraneSystems business.
“We believe that the Konecranes-MHPS combination represents compelling industrial logic that will deliver significant value to Konecranes’ customers, team members and shareholders, including Terex,” said John L Garrison, Terex president and chief executive officer.
Terex Corporation is a manufacturer of lifting and material processing products and services.
Trinidad & Tobago: The directors of Trinidad Cement have advised shareholders reject an offer by Cemex to take over the company. The cement producer issued a circular to its shareholders in late December 2016 advising them that the offer by Cemex’s subsidiary Sierra Trading was ‘not fair’ from a financial point of view. Cemex released plans in early December 2016 to present an offer and take-over bid to Trinidad Cement’s shareholders that would, if successful, give it control of the company. The value of the offer was placed at US$89m and it expires on 10 January 2016.
UK: Bunting Magnetics, a US company specialising in the magnet and magnetic equipment sector, has signed an agreement to acquire Master Magnets, a UK-based manufacturer of magnetic separation equipment. The Redditch-based firm produces magnetic separation, recycling and metal detection equipment to several industries worldwide including the mining, quarrying and aggregate sectors. No value or terms for the deal has been disclosed.
“Master Magnets has deep customer relationships in new markets for us such as mining, quarrying and aggregates. We are especially excited to now be able to offer a large range of ATEX approved electromagnets and mineral separation equipment,” said Simon Ayling, Managing Director of Bunting Magnetics Europe. Ayling will assume operations management responsibility of this new division following the purchase.
Master Magnets was founded in 1978 and currently has 26 employees. The company designs, manufacturers and services a line of industrial magnetic separation equipment including eddy current separators, permanent and electro magnets, including overband magnets, drum magnets and suspension magnets. The company also supplies a range of mineral separation equipment for customers around the world. The company will continue to operate out of its Redditch headquarters in the UK.
Bangladesh: Lafarge Surma Cement, a joint venture between LafargeHolcim and Cementos Molins, intends to buy a 100% stake in Holcim Bangladesh from LafargeHolcim for US$117m. The transaction is subject to approval by the shareholders of Lafarge Surma as well as other regulatory and customary approvals in Bangladesh. Following the acquisition Lafarge Surma Cement will operate one integrated cement plant and three grinding plants in the country. It will also offer a range of products including Supercrete, Holcim Strong Structure, Holcim Red and Holcim Gold.