Displaying items by tag: Acquisition
France: The Carlyle Group has started talks with HGH Infrared Systems to acquire a majority stake in the specialist provider of infrared technology products. The proposed acquisition will be subject to customary employee consultations and regulatory approvals. The deal is expected to be completed by the end of 2018. No value for the deal has been disclosed.
“This potential partnership with Carlyle is excellent news for our customers. It will also help HGH to move to the next level and to build on our strong international growth trajectory,” said Thierry Campos, chief executive officer of HGH Infrared Systems. He added that Carlyle’s international reach and its experience in aerospace and defence, oil and gas and energy markets would further help to develop the company.
HGH was founded in 1982. It develops and sells optoelectronic and infrared systems and software for surveillance applications, test and measurement and industrial thermography in different end-markets. The company operates two research and development and assembly sites in the Optics Valley near Paris, France and in California, US. The company provides solutions to clients across 40 countries through two recognised brands HGH Infrared Systems and Electro Optical Industries (EOI).
Canada: CSL Group has agreed to buy 50% of Eureka Shipping, SMT Shipping agreement for CSL to acquire 50% of Eureka Shipping, SMT’s pneumatic cement vessel business. The new joint venture will allow Eureka and CSL to expand services to customers in the seaborne cement powder and fly ash transportation markets around the world. CSL’s Australian cement shipping business is not included in the joint venture.
“The joint venture represents an important step in CSL’s strategy to increase its presence in the global construction material sector,” said Louis Martel, President and chief executive officer (CEO) of CSL Group.
The companies say that the partnership is a strong strategic fit, leveraging the companies’ respective strengths in the shipping and handling of dry bulk cargos. There will be no change in the day-to-day management and operation of vessels in the Eureka fleet. The transaction is subject to regulatory approval and is expected to be completed by the end of June 2018.
Eureka Shipping operates a fleet of self-unloading cement carriers in the Baltic Sea, the Atlantic Ocean, the Mediterranean Sea, the Caribbean and Asia. SMT Shipping Group has, over the past 30 years, built a fleet of about 45 vessels through a number of joint venture companies operating in various bulk commodities markets, focusing on geared bulk carriers, floating storage/transhipment terminals and belt-unloaders.
Bosnia & Herzegovina: Austria’s Asamer Baustoffe has made a bid for the remaining share of Fabrika Cementa Lukavac. At present it owns 99% of the cement producer. Fabrika Cementa Lukavac operates 0.8Mt/yr integrated plant at Lukavac.
Mineração Belocal buys L-Imerys
09 May 2018Brazil: Mineração Belocal, a subsidiary of Belgium’s Lhoist, has purchased L-Imerys, a lime producer that operates a plant at Doresópolis in Minas Gerais. L-Imerys is a subsidiary of France’s Imerys, according to the Diário do Comércio newspaper. The 0.4Mt/yr lime plant was inaugurated in 2013. The sales is depending on approval by the relevant competition bodies. No value for the acquisition has been disclosed.
National Company Law Tribunal asks Binani Cement creditors to consider offer from UltraTech Cement
03 May 2018India: The National Company Law Tribunal (NCLT) has asked the Committee of Creditors (COC) of Binani Cement to consider UltraTech Cement's revised offer. It has also set 24 June 2018 as the completion deadline of the insolvency resolution process, according to the Press Trust of India. The NCLT also asked the COC to reconsider the resolution plan of Rajputana Properties if the subsidiary of Dalmia Bharat Group was willing to raise its offer over UltraTech Cement’s.
A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. UltraTech Cement then made a direct bid to Binani Cement a few weeks later. However, the Supreme Court blocked UltraTech Cement’s offer in mid-April 2018. UltraTech Cement has since made a raised offer to the resolution professional handling the insolvency process of Binani Cement.
India: Shree Cement is to buy Raipur Handling & Infrastructure for US$8.9m. The railway company operates a railway terminal at Hathbandh in Chhattisgarh near to the cement producer's plant at Baloda Bazar. The acquisition is expected help Shree Cement manage its railway logistics better.
CK Infrastructure acquires assets in Yunfu City
25 April 2018China: Hong Kong based CK Infrastructure Holdings (CKI) has acquired a 1Mt/yr cement grinding station and three quay berths in Yunfu City, Guangdong, for an investment of US$28.5m. The three berths can handle 3Mt/yr.
The group said it hopes to expand its infrastructure investment portfolio in mainland China. "The acquisition is deemed to be another robust investment with stable returns for CKI," it said in a statement, explaining that demand for cement has been growing on the mainland. "The acquisition of the jetty further realises the vertical integrated production of cement, brings about competitive advantages, and enhances operation efficiency," the statement added.
Breedon Group buys Lagan Group for Euro527m
17 April 2018Ireland/UK: Breedon Group has acquired Lagan Group for Euro527m. The deal will be financed from a new loan, extended credit and an equity placing. The purchase will see Breedon Group enter the Irish market as it takes control Lagan’s production assets including a cement plant in Kinnegad, nine active quarries, 13 asphalt plants and nine ready-mixed concrete plants. The deal will complete on 20 April 2018.
“Lagan represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion. It significantly strengthens our cement offer, adds to our mineral and downstream resources, brings us a bitumen import/export business and adds real weight to our contract surfacing operations,” said Paul Ward, Breedon’s chief executive.
Following the acquisition of Lagan, Breedon Group will operate two cement plants, around 70 quarries, 40 asphalt plants, 200 ready-mixed concrete and mortar plants, nine concrete and clay products plants, four contract surfacing businesses, six terminals and two slate production facilities. The group will also employ nearly 3000 people. It says its strategy is to continue growing organically and through the acquisition of businesses in the heavyside construction materials market.
India: The Supreme Court has blocked an out-of-court offer by UltraTech Cement for Binani Cement. Banks had offered conditional support to UltraTech’s bid, seeking indemnity from Binani Industries, the owner of Binani Cement, against any potential legal action, according to the Economic Times newspaper. A consortium led by Dalmia Bharat won an auction for Binani Cement with a bid of US$974m in early March 2018. However, UltraTech Cement then made a direct bid to Binani Cement a few weeks later.
Binani Industries had deposited US$115m with HDFC Bank to show its commitment to the deal with UltraTech, along with a bank guarantee for nearly US$1bn. However, Dalmia Bharat had sent letters to all the banks involved saying that any settlement initiated by them would be a breach of trust as they had entered into a contract with Dalmia.
PPC in talks with Sinoma to sell majority stake in operations in Democratic Republic of Congo
09 April 2018Democratic Republic of Congo: South Africa’s PPC says it is talks with China National Materials (Sinoma) over selling a majority stake in its operations in the country. In an interview with Bloomberg chief executive officer Johann Claassen said that deal would depend on the price and implications on the on-going merger between Sinoma and China National Building Material (CNBM). He added that the PPC’s cement plant in the Democratic Republic of Congo had proven ‘challenging’ and that the company had arranged a ‘debt holiday’ with lenders after the market ‘didn’t pan out as envisaged.’