Displaying items by tag: Denmark

Denmark: Danish cement plant manufacturer FLSmidth has announced that Jørgen Huno Rasmussen, aged 60, group chief executive officer (CEO) of FLSmidth since 2003 has decided to retire in the middle of 2013 after 10 years of service. Thomas Schulz will be appointed new group CEO of and is expected to take up his new position no later than 1 June 2013.

Schulz, aged 47, is a German citizen and has since 1998 been part of Sandvik (Svedala Industries), currently as President of Sandvik's Construction business area and member of Sandvik's Executive Management Group, based in Sweden. From 2005 to 2011 Schulz was based in Germany, Sweden and Singapore as president of Construction and senior vice president of Mining and Construction. Schulz holds a MSc and PhD in Engineering from the Technical University of Aachen, Germany with a dissertation in Mineral Mining and Quarrying.

"On behalf of the Board, I wish to express my sincere gratitude to Jørgen Huno Rasmussen for his decisive contribution to the successful turnaround and development of the FLSmidth Group and for his dedicated leadership over 10 years. I am sure Thomas Schulz will prove to be a worthy successor and look forward to welcoming him to FLSmidth", commented chairman of the board of FLSmidth, Vagn Ove Sørensen.

Denmark: The Danish cement plant manufacturer FLSmidth & Co. A/S has continued strong growth in both revenue and order intake over the nine month period to 30 September 2012. The company's full year revenue guidance has been maintained, based on expectations of strong revenue generation in the fourth quarter.

In the third quarter of 2012 FLSmidth's order intake increased by 11% to Euro1.07bn from Euro962m in the third quarter of 2011. Revenue increased by 23% year-on-year to Euro847m from Euro688m and earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 6% to Euro95.1m from Euro89.7m. The profit for the period decreased by 6% to Euro50.6m from Euro54.1m in the third quarter of 2011.

Over the nine months to 30 September 2012 FLSmidth's order intake increased by 19% year-on-year to Euro2.90bn from Euro2.44bn and its order backlog increased by 13% to Euro4.18bn. Revenue for the nine months increased by 23% to Euro2.25bn. Nine month EBITDA was up by 16% to Euro204m. Profit for the period decreased by 3% to Euro113m.

FLSmidth has maintained its full year revenue guidance for continuing activities of Euro3.35-3.48bn. Cash flow from investing activities (exclusive of acquisitions and their subsequent capital expenditure needs) is expected to amount to Euro102.9m in 2012 due to investments in service supercentres and expansion of manufacturing in India and China.

Denmark: FLSmidth has acquired Teutrine GmbH Industrie-Technik, a German company specialising in mobile solutions for repairs, refurbishments and installation services for the cement and minerals industries. The value of the takeover was not disclosed.

Teutrine mainly carries out maintenance and repair services at sites where it offers mobile solutions within repair (welding), refurbishment (machining, grinding, hard facing and overhauling), replacement (parts replacement, alignment, lifting) and upgrades (equipment replacement, alignment, lifting). The company's key markets are found in Europe and the Middle East.

"The acquisition of Teutrine is a significant addition to our service concept in relation to repair and refurbishment services as well as replacement and upgrade services for all the major equipment on a cement plant," said FLSmidth group CEO Jørgen Huno Rasmussen.

Teutrine was founded in 1973 by Antonius and Annemarie Teutrine. In 2009 the ownership was transferred to Gabriele Teutrine, CEO and successor to the founders. The company has 45 employees. Teutrine will be integrated in FLSmidth as part of the Plant Operation & Equipment Services within the Customer Services division.

Denmark: Cement equipment provider FLSmidth has reported that its second-quarter net profit for 2012 fell by 24% to Euro30m as increased costs and big write-downs outweighed growth in its revenue. Its profit in the same period in 2011 was Euro38.8m.

FLSmidth saw its revenue improve by 26% year-on-year, to Euro811m from Euro644m. Order intake also grew substantially by 20%, to Euro973m from Euro812m. As a result, earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 32%, to Euro90m from Euro68.2m.

However, amortisation and write-downs of intangible assets jumped to Euro34.4m from Euro5.51m, which had a negative effect on overall profit. This negative item consisted mainly of a one-off Euro25.3m write-down of capitalised research and development costs.

FLSmidth registered strong order intake and earnings before interest, tax and amortisation (EBITA) in all its segments except for Bulk Materials, which has been experiencing difficulties in project execution as a result of underestimated risks in connection with orders received in previous years. For its cement sector two major orders in the USA and the Middle East were received in the second quarter. The period saw a order intake rise by 47%, to Euro256m from Euro173m.

Denmark: FLSmidth, a supplier of engineering services and equipment to the cement and minerals industries, has kept its outlook for 2012 after first quarter profits rose less than forecast. The company said market trends remained favourable and that a rise in order intake confirmed its growth expectations.

FLSmidth said that it still expected full-year 2012 consolidated revenues of US$4bn, up from US$3.78bn in 2011, and an earnings before interest and tax (EBIT) margin of 9-10% against a 2011 margin of 9.9%. It is also aiming for a 2012 earnings before interest, tax and amortisation (EBITA) margin of at least 10%, against a 2011 margin of 10.9%. First-quarter earnings before interest and tax (EBIT) rose to US$57.7m in January to March 2012 from US$52.4m in the first quarter in 2011.

Denmark: FLSmidth has signed a contract worth approximately Euro85m with a company in the Middle East to supply a complete 6000t/day cement production line. The country and precise location of the plant were not announced.

The contract comprises complete equipment supplies and includes a combined limestone and clay crusher, a gypsum crusher, a circular stacker and reclaimer store, a stacker and side scraper store for additives, an ATOX vertical raw mill, a CF silo, a double-string preheater tower, a ROTAX kiln, an FLSmidth Cross-Bar cooler, an OK mill and equipment for the packing and dispatch of cement. FLSmidth will also supply automation equipment.

"FLSmidth has a long history in the Middle East and is maintaining its leading role in serving the rapidly-expanding cement market," said Group CEO Jørgen Huno Rasmussen. "The growing economy and increasing infrastructure investment in the region continue to offer opportunities. This project confirms that the slowdown from the 'Arab Spring' is lifting."

The company added that the cement plant would feature state-of-the-art equipment including the latest technology to ensure an environmentally-friendly and energy-efficient production process.

Denmark: Carsten R Lund will be appointed new Group Executive Vice President of FLSmidth and a member of the Group Executive Management in July 2012. He will replace Christian Jepsen, who will be joining Alcoa, one of FLSmidth's global mining customers. Lund will be heading the new global Bulk Materials Division that was formed as part of the new FLSmidth Group structure announced in February 2012.

Lund, age 49, is a Danish citizen, Executive MBA and Mechanical Engineer (BSc.), who has been employed by the FLSmidth Group for 24 years in varying managerial positions. Most recently, Lund has headed the implementation of a major business system program for the entire FLSmidth group as program director. Prior to that, he was CEO of FLSmidth Airtech from 2007-2011 and responsible for growing and developing FLSmidth's Air Pollution Control business to become a major global player.

China: The major Danish cement plant manufacturer FLSmidth has achieved authority approval of its first acquisition in China, which will help it to secure a lucrative share of the multibillion dollar Chinese market for environmental control technologies. The move comes less than a month after China announced new NO_x emission regulations, providing an excellent market for FLSmidth's new capabilities.

Together with a minority shareholder, FLSmidth has started a company to market and sell air pollution control products to the cement industry in China. This local company is groundbreaking for FLSmidth as it combines local presence and relations with global technologies and resources. The founder company, Chinese Sino Environment Engineering Development Co. Ltd. (SEPEC), continues as a minority shareholder and brings a large reference base and contact network from the cement industry in China, both on a corporate and a plant level.

"FLSmidth and SEPEC are the perfect fit," said FLSmidth CEO Jørgen Huno Rasmussen. "FLSmidth's strong technological platform coupled with SEPEC's strong organisation, reputation and customer base in China will enable us to develop air pollution control products that are uniquely designed together with the Chinese customer and fit his specific requirements."

The local company will market FLSmidth's highly-efficient air pollution control products and thereby help Chinese cement manufacturers to fulfil the new and stricter emission standards imposed on the industry. As the majority shareholder, FLSmidth will retain the intellectual property rights to the technology. The Chinese market accounts for half of the total world market for air pollution control equipment. "With China's increased focus on environmental aspects as stated in the 12th five year plan, the timing of FLSmidth's local expansion is just right," said CEO of FLSmidth China, Anders Bech.

Denmark: FLSmidth's profits have fallen by 12% year-on-year for the third quarter of 2011. The company has subsequently cut its estimate for world cement capacity growth in 2011, blaming stalled activity in India. Group profit was hit by weaker sales in its cement division despite higher sales in its minerals machinery business.

The profit for the quarter ending 30 September 2011 profit fell by 12% to Euro54m from Euro62m in the same quarter of 2010. For the nine months to 30 September 2011 profit fell by 8% to Euro117m from Euro128m in 2010. Total group revenue rose by 5% for the third quarter to Euro743m from Euro706m in 2010.

In the group's cement sector revenue for the nine months to 30 September 2011 decreased by 18% to Euro776m from Euro950m in 2010. Quarterly revenue for cement has fallen upon each consecutive quarter, with one exception, since the end of 2009.

"We cannot say how long the growth pause will last but it will definitely also extend into 2012," said chief executive Jorgen Huno Rasmussen, adding that India will continue to be a large and promising market.

The group said that it now expected the cement plant market in 2011 to grow by about 55Mt of new contracted cement kiln capacity worldwide, excluding China, against an earlier forecast of 65Mt. India is now expected to account for approximately 10Mt/yr compared to the previous projection in 2010 of approximately 20Mt/yr. Emerging markets such as Russia, South America, Africa and Asia were singled out for their high activity.

Unrest in North Africa hit cement consumption and investment in the region in the first nine months of 2011, the company said, adding that activities in Libya might resume in 2012 as the country headed towards greater stability.