Displaying items by tag: corporate
Penna Cement cleared for initial public offering
05 June 2019India: Penna Cement has received approval from the Securities and Exchange Board of India (SEBI) for a US$220m initial public offering (IPO). The company intends to use the funds to pay off debts and for general corporate purposes, according to the Hindu newspaper. The cement producer operates four integrated plants and two grinding plants in Andhra Pradesh, Telangana and Maharashtra that share a total production capacity of 10Mt/yr.
Cementos Molins to keep headquarters in Madrid
03 June 2019Spain: Cementos Molins says that 13 of its 14 directors want to keep the company’s headquarters in Madrid following a request by a minority shareholder. This represents a hardening by the board on the issue following its move from near Barcelona in 2017, according to Crónica. The cement producer decided to move its registered address away from Sant Vicenc dels Horts in Catalonia following moves by the regional government to push for independence.
Australia: ThyssenKrupp Industrial Solutions has opened a new service centre in Brisbane. The US$0.7m centre will be used to support customers in the mining, cement and chemical industries. It includes office, warehouse and workshop space.
“This new facility enables us to co-locate our engineering and project staff with our service personnel. For our clients in the mining, cement and chemical industries this means they benefit from an integrated project life-cycle approach, incorporating the latest products and technologies. After having worked successfully with our customers in Australia for many years, this investment was a logical consequence”, says Andrew Howie, chief executive officer (CEO) of ThyssenKrupp Industrial Solutions Australia.
Mexico: Cemex has adopted the United Nations (UN) Sustainable Development Goals (SDG). It has prioritised five goals from the charter that connect with the company’s business and represent an opportunity to contribute to the UN 2030 Agenda. These five goals are focused on the promotion of decent employment and economic growth (SDG 8), innovation and infrastructure development (SDG 9), climate change mitigation (SDG 13), environmental and ecosystem conservation (SDG 15) and the advancement of sustainable cities and communities (SDG 11). Cemex plans to continue embedding the UN SDGs into its business processes to create systemic change, increase engagement, promote a sense of purpose and raise awareness among its stakeholders.
India: Haver Ibau India has been renamed as Haver & Boecker India since April 2019. The subsidiary of Germany’s Haver & Boecker and its subsidiary Ibau started in 2008. The change in name reflects a broader industry base for the Indian subsidiary to continue to include the cement industry as well as customers from building materials, chemicals and food.
Eagle Materials starts business portfolio review
23 April 2019US: Eagle Materials are started a strategic review of its portfolio of businesses including heavy materials, light materials, and oil and gas proppants. It says it commissioned the review, “…following consultation and input from the company's largest shareholders.” During the process it will consider options, including divesting businesses.
Investors take action over Cimento Tupi’s debts
09 April 2019Brazil: Investors have started legal action over in Cimento Tupi’s defaulted debts and attempts to merge with its parent company Cimento Santo Estevão. The cement producer defaulted in mid-2018 on payments to foreign investors that hold around US$30m in it, according to the Valor Econômico newspaper. It also stopped paying interest on the debts in 2015.
Other creditors are also working to stop Cimento Tupi’s plans to merge with Cimento Santo Estevão because it would raise the company’s debts rather than cut costs. A court in Rio de Janerio rejected one case although others are on-going elsewhere. Separately, the Agricultural Bank of China is also challenging the cement producer over arrears in a loan worth US$18m.
Cimento Tupi operates one integrated plant at Pedra do Sino in Minas Gerais and a grinding plant in Modi das Cruzes in São Paulo. It has a combined cement production capacity of 2.5Mt/yr but it has been producing half of this since around 2015. Its operating revenue remained stable at US$43m for the first nine months of 2018. However, its loss more than trippled year-on-year to US$76m.
Cemex Latvia to be renamed as Schwenk Latvija
04 April 2019Latvia: Cemex Latvia will be renamed as Schwenk Latvija following its acquisition by Germany’s Schwenk in February 2019. In Sweden Cemex’s operations will be renamed to Schwenk Sverige, in Norway to Schwenk Norge and in Finland to Schwenk Suomi, according to the Latvian News Agency.
The Euro340m deal included one 1.7Mt/yr integrated cement plant in Broceni, Latvia, as well as four aggregates quarries, two cement quarries, six ready-mix concrete plants, one marine terminal and one land distribution terminal in that country. The assets divested also include Cemex’s approximate 38% indirect interest in a 1.8Mt/yr cement plant in Akmene in Lithuania. In addition, the exports business to Estonia is also included as part of the divestment.
Argos Group to invest US$819m in 2019
29 March 2019Colombia: Argos Group plans to invest US$819m in its cement, construction and energy subsidiaries in 2019. The spending at Cementos Argos will aim to double the company’s earnings from 2018 to 2023.
Tokyo Cement prepares to amalgamate subsidiary
28 March 2019Sri Lanka: Tokyo Cement has agreed to amalgamate its subsidiary Tokyo Super Cement into the main company. The amalgamation of its wholly-owned subsidiary will take place around the end of May 2019.