Displaying items by tag: corporate
Sandvik to restructure Sandvik Crushing and Screening as Sandvik Rock Processing Solutions
26 October 2020
Sweden: Sandvik says that it will launch Sandvik Rock Processing Solutions in on 1 January 2021. The new business area will consist of its current Crushing and Screening division, which is part of the Sandvik Mining and Rock Technology business area at present. It said the reason for the restructure was “to accelerate profitable growth.”
Chief executive officer (CEO) Stefan Widing says, “Sandvik is market leading within rock processing, and our Crushing and Screening division is a well-performing business with exciting growth opportunities, operating quite independently, with its own manufacturing, sourcing and aftermarket. By establishing Rock Processing Solutions as a business area we will improve transparency and strengthen our growth ambitions within the area."
China National Building Materials proposes restructuring of engineering subsidiaries
20 October 2020China: China National Building Materials has submitted a letter of intent of cooperation to its subsidiary Sinoma International Engineering, in which it proposes the sale of several engineering businesses to the latter. ET Net News has reported that the assets in question are under negotiation, but may include Beijing Triumph Building Materials, Nanjing Triumph International Engineering and Sinoma Mining Construction.
Egyptian Financial Regulatory Authority approves Suez Cement’s Tourah Portland Cement acquisition
19 October 2020Egypt: The Financial Regulatory Authority (FRA) has approved HeidelbergCement and Simon France subsidiary Suez Cement’s mandatory tender offer (MTO) for acquisition of a 100% stake in Egyptian Tourah Portland Cement for US$32.7m. Daily News Egypt has reported that the FRA also approved a change to Suez Cement’s ownership, with HeidelbergCement France acquiring a 33% stake in the company.
18 injured in clash at Cemento Cruz Azul’s Oaxaca plant
16 October 2020Mexico: 18 people have been injured after representatives of Cemento Cruz Azul and police took control of the integrated 2.2Mt/yr Oaxaca plant in Lagunas. The La Jornada newspaper has reported that Cruz Azul’s directors José Antonio Marín and Víctor Manuel Velázquez entered the plant accompanied by security personnel in fulfilment of a court order before fighting broke out with cooperativist members of the organisation. Police arrested five members of the group, allegedly linked to a criminal organisation, while the Cruz Azul representatives successfully retook control of the plant.
Cooperativists restricted access to the plant in August 2020. The board of directors of Cruz Azul also asserted legal control of its Cementos y Concretos Nacionales (CYCNA) subsidiary cement plants in Puebla and Aguascalientes in September 2020.
Pakistan: The Institute of Chartered Accountants of Pakistan (ICAP) and the Institute of Cost and Management Accountants of Pakistan (ICMAP) have named Maple Leaf Cement the winner of Best Corporate Report Award Cement 2020 for its company coverage.
ICAP and ICMAP said, “The objective of corporate reporting is to be easily understood by all the stakeholders as well as showing utmost transparency. Considering these golden rules, Maple Leaf Cement, which has always accepted corporate accountability being its primary goal, is the best in category.”
Lucky Cement won runner up for the award.
Cemex secures loan extension
14 October 2020Mexico: Cemex says that it has agreed upon an amendment to its facilities agreement to extend US$1.1bn of term loan maturities to 2025 from 2022, and US$1.1bn of commitments under the revolving credit facility to 2023 from 2022. It says that the sustainability criteria incorporated into the interest rates of the facilities agreement, now worth US$3.2bn, make it ‘one of the largest sustainability-linked loans in the world.’ The company adds that it will prepay US$530m to institutions participating in the extension, corresponding to the July 2021 amortisation under the facilities agreement, and extending its debt maturity profile through to July 2023.
The group has also decided to redenominate its debt away from the US dollar. US$313m of exposure under the term loans that are part of the facilities agreement will convert to Mexican Pesos and US$82m will convert to Euros.
Kalsi Malaysia rebranded in Etex reshuffle
12 October 2020Malaysia: Belgium-based Etex has merged its cement boards subsidiary Kalsi Malaysia with fireproofing specialist Promat Malaysia under the new brand Etex Malaysia. The company says that the name change “reflects Etex's broader commitment to inspire ways of living through innovation.” PR Newswire Asia has reported that by combining its Malaysian subsidiaries under the Etex Malaysia brand the group aims to strengthen its offerings to local and export Association of South East Asian Nations (ASEAN) markets.
Suez Cement appoints Grant Thornton Financial Consulting as financial advisor ahead of share evaluation
07 October 2020Egypt: Suez Cement has approved the appointment of Grant Thornton Financial Consulting as a financial advisor as it prepares for a fair value study of its shares. This follows a desire expressed by Heidelberg Cement France, the parent company of Simon France. which directly and indirectly owns 55% of Suez Cement shares, for the submission of a bid to fully buy the company’s shares, according to the Daily News Egypt newspaper. In late September 2020 Suez Cement approved the launch of a tender offer to acquire a 100% stake in its subsidiary, Egyptian Tourah Portland Cement.
Quinn Industrial Holdings to rebrand as Mannok
05 October 2020UK: Quinn Industrial Holdings has announced an upcoming rebranding, to take place in October 2020, to Mannok. The new branding will extend to its subsidiaries Quinn Building Products and Quinn Packaging, as well as to its Quinn brand cement. Chief executive officer (CEO) Liam McCaffrey said that the group’s 2019 results, the strongest since its acquisition from Seán Quinn in 2014, signalled the time for the change. The new name derives from the Gaelic name for Fermanagh, the UK county in which Quinn Industrial Holdings is based.
McCaffrey said, “We are extremely pleased to unveil Mannok as our new brand identity, which we believe better reflects the ownership, evolution and future focus of our business. It marks a major milestone for us following a five-year transformation programme that has empowered our staff and repositioned our businesses for continuing growth and innovation.” He added, “2019 marked our fifth successive year of earnings growth and a robust performance given Brexit uncertainty. Our targeted investment of recent years has established strong foundations for continuing growth across Ireland and the UK.”
Novo Holdings halves FLSmidth stake
02 October 2020Denmark: Novo Holdings has reduced its stake in FLSmidth to 4.8% from 10%. The equipment supplier said that the investor now holds 2.46m of its shares.