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News Displaying items by tag: Holcim

Displaying items by tag: Holcim

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Holcim Switzerland promotes family life

15 October 2019

Switzerland: Holcim Switzerland has ratified a new collective labour agreement (CCL) with two unions. Finanznachrichten has reported that under the new arrangement the company’s 570 employees will be able to receive two weeks’ paid paternity leave. Lena Frank, head of personnel negotiations, stated that “the compatibility between work and family is central to equality. The new regulation is therefore an important step forward.”

Published in Global Cement News
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Thomas Schmidheiny reduces stake in LafargeHolcim

12 June 2019

Switzerland: Thomas Schmidheiny says he has reduced his share in LafargeHolcim to 7.2% from 10.9% to diversify his investment portfolio. He said that the decision was part of his ‘retirement and heritage’ planning, according to Reuters. He has no plans to minimise his stake any further.

Schmidheiny was made honorary chairman of LafargeHolcim in 2018 when he stepped down from the board. He began his career at Holcim in 1970. He became a member of the executive committee six years later and served as chief executive officer (CEO) between 1978 and 2001. After joining the board of directors in 1978 he was chairman of the board of directors from 1984 until 2003. Later, he was a key part of the merger between Holcim and Lafarge that completed in 2015.

Published in Global Cement News
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Council reverses decision to buy Westport assets

12 June 2018

New Zealand: The Buller District Council has backed out of plans to buy Holcim Cement’s former Westport plant assets and land on the West Coast of New Zealand’s South Island, including a water supply and treatment plant, a quarry, land, silos and a packing plant.

Buller District Mayor Garry Howard said that the council has been negotiating for over a year on US$3.5m deal, but concerns over the Cape Foulwind site led to it abandoning its plans. He said that buying the former cement plant site could have made the council liable for remediation of the land. Howard says the council had been keen to get the quarry as a source of rock for river and coastal protection.
Westport lost over 100 jobs when Holcim closed the cement plant in 2016, after 58 years of operation.

Published in Global Cement News
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Is the Holcim takeover of Lafarge complete?

30 May 2018

LafargeHolcim’s announcement this week that it is to close its headquarters in Paris is the latest sign of the tension within the world’s largest cement producer. The decision is rational for a company making savings in the aftermath of the merger of two rivals – France’s Lafarge and Switzerland’s Holcim – back in 2015. Yet, it also carries symbolic weight. Lafarge was an iconic French company that had been in operation since 1833. Its hydrated lime was used to build the Suez Canal, one of the great infrastructure projects of the 19th century.

In the lead up to the merger in 2015 the union of Lafarge and Holcim was repeatedly described as one of equals. However, the diverging share price between the two companies killed that idea on the balance sheets in early 2015. Renegotiation on the share-swap ratio between the companies followed with an exchange ratio of nine Holcim shares for 10 Lafarge shares. In the end Holcim’s shareholders ended up owning 55.6% of LafargeHolcim. Lafarge’s Bruno Lafont lost out on the top job as chief executive officer (CEO) in the frenzy but the role did go to another former Lafarge executive. The new company also retained its former corporate offices in both France and Switzerland.

Since the merger LafargeHolcim has underperformed, reporting a loss of Euro1.46bn in 2017. Former senior executives from Lafarge have become embroiled in a legal investigation looking at the company’s conduct in Syria. LafargeHolcim’s first chief executive officer Eric Olsen resigned from the company in mid-2017 following fallout from a review into the Syria affair. Both Olsen and Lafont are currently under investigation by the French police into their actions with respect to a cement plant that the company kept operational during the on-going Syrian conflict. Olsen’s replacement, Jan Jenisch, is a German national who previously ran the Swiss building chemicals manufacturer Sika.

Regrettably the closure of LafargeHolcim’s corporate office in Paris will also see the loss of 97 jobs although some of the workers in Paris will be transferred to Clamart, in the south-western suburbs of the city. Another 107 jobs will also be cut in Zurich and Holderbank in Switzerland.

One more knock at the local nature of cement companies in the very international arena they operate in doesn’t mean that much beyond bruised national pride. British readers may mourn the loss of Blue Circle or Rugby Cement but the country still has a cement industry even if it mostly owned by foreign companies. France’s industry is doing better as it recovers following the lost decade since the financial crisis in 2008.

Jump to 2018 and LafargeHolcim is being run by a German with links to Switzerland, Holcim shareholders had the advantage during the merger, its former Lafarge executives and assets are facing legal scrutiny over its conduct in Syria and Lafarge’s old headquarters in Paris are being closed. LafargeHolcim in France still retains the group’s research and development centre at Lyon and a big chunk of the local industry. Yet Holcim has held an advantage ever since the final terms of the Lafarge-Holcim merger agreement were agreed so this slow slide to Switzerland is not really a surprise. From a distance it feels very much like the Holcim acquisition of Lafarge is finally complete.

Published in Analysis
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Thomas Schmidheiny to leave board of LafargeHolcim

04 April 2018

Switzerland: Thomas Schmidheiny has decided not to stand for re-election for the board of LafargeHolcim. In recognition of his years of service to LafargeHolcim and its predecessor company Holcim, the board of directors has decided to name Schmidheiny honorary chairman of the group. He will remain one of the group’s main shareholders. Fellow board member Bertrand Collomb has also decided to stand down.

“For almost 50 years Thomas Schmidheiny has made a significant contribution to the success of Holcim and later LafargeHolcim. He was instrumental in successfully expanding into promising growth markets and has made Holcim one of the leading companies in its industry. On behalf of the board and all employees I would like to thank Thomas Schmidheiny for his exceptional contribution to our company,” said Beat Hess, chairman of the board of LafargeHolcim. He also thanked Collomb for his contribution to Lafarge and then LafargeHolcim.

Schmidheiny began his career at Holcim in 1970. He became a member of the executive committee six years later and served as chief executive officer (CEO) between 1978 and 2001. After joining the board of directors in 1978 he was chairman of the board of directors from 1984 until 2003. Later, he was a key part of the merger between Holcim and Lafarge that completed in 2015.

Collomb joined Lafarge in 1975. After serving in different management positions, including Head of North American operations, he served as chairman and CEO of Lafarge from 1989 to 2003, as chairman until 2007 and then subsequently director until 2012. He was named honorary chairman of Lafarge in 2007 and joined LafargeHolcim’s Board in 2015. Collomb has also decided not to stand for re-election at the upcoming annual general meeting, in order to follow a customary age limit of 75 years.

All other current members of the board of directors will be proposed for re-election at the annual general meeting. This will include: Beat Hess; Oscar Fanjul; Paul Desmarais, Jr; Patrick Kron; Gérard Lamarche; Adrian Loader; Jürg Oleas; Nassef Sawiris; Hanne Birgitte Breinbjerg Sørensen; and Dieter Spälti. Following the election of the nominees the board of directors will drop in size to 10 members compared to 12 at present.

Published in People
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Colombian competition body fines Cementos Argos, Cemex and Holcim US$68m

13 December 2017

Colombia: The Superintendent of Industry and Commerce (SIC) has fined Cementos Argos, Cemex and Holcim and six senior managers US$68m for fixing the price of Ordinary Portland Cement. The fine covers behaviour by the companies between January 2010 and December 2012. SIC’s investigation discovered that collusion between the cement producers artificially increased the price of cement by 30% despite inflation being 9% during the period.

Cementos Argos responded to the sanction by saying that it rejected the fine and decision by SIC. Following an earlier statement in October 2017 it once again criticised SIC’s methods. According to Reuters, both Holcim and Cemex disagreed with the finding and they said they would take legal action against it.

Published in Global Cement News
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Appeals to Italian competition regulator deferred until June 2018

13 November 2017

Italy: Appeals by Italian cement producers to the judiciary of Lazio against fines imposed by the Italian Competition Authority (AGCM) has been deferred to June 2018. Italcementi, Buzzi Unicem, Colacem, Cementir, Sacci, Holcim, Cementirossi, Barbetti, Cementeria di Monselice, Cementizillo, Calme, Moccia, TSC and the Italian Cement Association (AITEC) were penalised more than Euro184m in July 2017 for allegedly coordinating sales prices and agreeing market share from June 2011 to January 2016, according to the ANSA news agency. The majority of the fine was levied on Italcementi and Buzzi Unicem at around Euro84m and Euro60m respectively. Itacementi started appealing against the sanctions in August 2017.

Published in Global Cement News
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Chinese ripples on the Pacific Rim

16 August 2017

After a couple of weeks looking at the capacity-rich cement markets of Angola and Vietnam, we turn our attention this week to some of those countries on the receiving end of overcapacity.

Costa Rica is an unlikely place to start but it came to our attention this week due to a short but significant news item. In summary, the amount of cement imported into Costa Rica increased by a factor of 10 between 2014 and 2016, from around 10,000t to over 100,000t. This is around 5% of its 2Mt/yr domesitic capacity, so the change is already fairly big news. The fact that an incredible 97% of this came from just one country, China, makes the story far more interesting as it shows the effects that Chinese overcapacity can have on smaller markets.

But when we look at how the value of the cement imports has changed over time, we see an even more dynamic shift. While the amount of cement imported into the country increased by nearly 10-fold, the value of the same imports only increased by around half as much between 2014 and 2016. If these figures can be taken at face value, the implication is stark. Taking the very low base as effectively ‘zero,’ each tonne of cement imported must cost around half as much as it used to.

Digging a little deeper and the picture gets more complicated. While they have fallen, Costa Rican cement prices have not fallen by 50% and why the sudden deluge of imports anyway? In 2015 the country changed its rules on cement imports to facilitate more flexible imports and lower prices for consumers. It did this by changing a regulation relating to how long cement can be stored, previously set at just 45 days, with the aim of allowing cement to come from further afield and, crucially, in bulk rather than bags.

The effects on price were immediate. Previously as high as US$13/bag (50kg) in December 2014, fairly high by global standards, Sinocem, the first Chinese importer, immediately sold its first shipment at US$10/bag. This effect of lower prices has now forced the average sales prices down to around US$10/bag across the country by 2017. This is good for consumers but not necessarily the local plants.

Back in 2015, the two local integrated plants operated by Cemex and Holcim warned that cement quality would suffer if cement bags were not used within 45 days. This apparently self-serving ‘warning’ went unheeded by the Ministry of Economy, Industry and Trade (MEIC), which pointed out that other countries in South America, as well as the European Union and United States, had no analogous short use-by dates for cement bags.

The rule remains in place, although discontent rumbles on. Indeed LafargeHolcim noted in its third quarter results for 2016 that ‘Costa Rica was adversely affected by increased foreign imports.’  This may well be a little bit of posturing and it doesn’t square with the fact that Costa Rica exported three times more cement that it imported in 2016. Of total exports of 0.34Mt, over 95% went to neighbouring Nicaragua, which has a single 0.6Mt/yr wet process plant owned by Cemex. It seems that the two Costa Rican plants have found a way to keep a little bit of the Chinese producers’ margin for themselves.

Of course, Chinese cement overcapacity doesn’t only affect the Central American market. It has been rippling all around the Pacific Rim. In July 2017, this column looked at the decision by Cementos Bío Bío to stop making clinker at its Talcahuano plant in Chile. It now favours grinding imported clinker from Asia. Before that, Holcim New Zealand closed its Westport cement plant in 2016, finally admitting that domestic clinker was not viable.

In the grand scheme of things, this all makes sense. The market has forced those operating on thin margins to adjust. Ultimately, the end consumer is likely to benefit from lower prices, at least for as long as reliable low-cost imports can be secured. What happens, however, if China actually gets round to curtailing its rampant cement capacity, or simply decides to charge more for its cement? Flexible imports, the main aim of the Costa Rican rule change, may then prove vital, as long as there is more than one international supplier of cement.

Published in Analysis
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Costa Rican cement imports soar 10-fold

15 August 2017

Costa Rica: According to a report released by the government trade promotion agency Procomer, imports of cement into Costa Rica expanded from 10,418t in 2014 to 107,294t in 2016, representing a growth of 930% in only two years. Approximately 97% of the 2016 figure corresponds to cement imports from China, which is now the main origin of imported cement in the country.

In value terms, cement imports reached US$18.3m in 2016, only 5.4 times more than in 2014. Cemex and Holcim are the main cement manufacturers operating in Costa Rica. If the import volumes and prices are to be taken at face value, domestic plants would appear to be under increasing price pressure from the imported cement from China.

Published in Global Cement News
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Holcim Russia launches Saratov upgrade

14 August 2017

Russia: LafargeHolcim’s local subsidiary Holcim Russia has launched an upgrade at its cement plant in Saratov Region at a total cost of US$300m. The project to build a new dry process line began in 2012 and has increased the plant’s capacity to 4500t/day. According to local press the plant meets all modern standards and environmental safety requirements. It is expected that the line will be at full capacity by the end of 2017.

Published in Global Cement News
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