Displaying items by tag: Ireland
CRH's My Home Industries to buy Sree Jayajothi Cements
12 August 2013India/Ireland: Following earlier speculation, Ireland's Cement Roadstone Holdings (CRH) has announced that its 50:50 Joint Venture in India, My Home Industries Ltd has reached an agreement to acquire the shares of Sree Jayajothi Cements, a 3.2Mt/yr cement producer in south India for a value of Euro175m.
Dow Jones reports that the investment will be financed from My Home Industries' existing debt capacity and by equity inputs from the joint shareholders (Euro70m). CRH's equity interest will amount to Euro35m.
UK/Ireland: Irish cement importer Eircem has told the UK's Competition Commission that 'there is no free competition' in the cement market in Europe. Managing director Peter Goode submitted the comments as part of the evidence being gathered by the UK Competition Commission in its ongoing investigation on the UK cement industry, as reported by the Irish Independent.
"The most recent act of such practices and anti competitive activity by [European Cement Producer 1] and [European Cement Producer 2] against me, my business and my family is so blatant that it defies reality and logic," said Goode in his submission to the Competition Commission.
Goode alleges that his previous company suffered anti-competitive measures from a European cement producer in 2009 when it attempted to import cement from Turkey. Further claims include an incident on a visit to a UK cement plant in 2012 when an employee of a cement producer refused to supply him with cement because it had a pre-existing agreement with another company not to supply cement to Ireland.
According to the Irish Independent, Goode previously owned Goode Concrete, which collapsed in early 2011. The company is currently attempting to sue Irish building materials manufacturer CRH for damages also related to alleged anti-competitive behaviour.
The Competition Commission's investigation on the UK aggregates, cement and ready-mix concrete market is due to be completed in late 2013 with a publication date set for December 2013. Evidence from the investigation has been published on the Competition Commission website.
Ireland: Irish cement conglomerate Cement Roadstone Holdings (CRH) has announced that Albert Manifold will become group chief executive on 1 January 2014 following the retirement of current chief executive Myles Lee after 32 years with the group.
Manifold, a board member and CRH's CEO since January 2009, has held a variety of senior positions within the company, including managing director of the Europe Materials Division and group development director. Prior to joining CRH in 1998, he was CEO with a private equity group.
Commenting on the appointment, CRH's chairman, Nicky Hartery, said, "I am delighted to announce Albert's appointment as the next chief executive of CRH. This follows a comprehensive selection process led by the Board's Succession Committee."
"Albert will succeed Myles in the New Year, facilitating an orderly transition at chief executive level," continued Hartery. "Albert brings to his new role a deep knowledge of the industry and proven international executive experience."
CRH releases 2012 sustainability report
10 July 2013Ireland: Irish building materials supplier CRH has shown continued improvements in most of its cement sustainability initiative key performance indicators in its 2012 sustainability report.
Of note, CRH improved its net CO2 emissions per tonne of cementitious product by 5% to 637kg/t. Fuel substitution rose to 20.8% from 17.3%. The Lost Time Incident (LTI) rate per million man-hours for direct employees fell from 2.54 to 1.49. Particulates per specific g/t of clinker fell to 108 from 328.
However, CRH's emission for SOx per specific g/t of clinker rose to 304 from 204. CRH blamed this rise on an increased use of alternative fuels in some plants.
In his forward to the report chief executive office Myles Lee commented that CRH's Materials Division had substantially increased alternative fuel usage in its European cement operations in 2012 that softened cost inflation in energy-related inputs.
Donald McGovern Jr to join board of CRH
26 June 2013Ireland: Donald A McGovern, Jr will join the board of CRH as a non-executive director effective from 1 July 2013.
McGovern, a US national aged 62 years, is currently Vice Chairman for Global Assurance at PricewaterhouseCoopers (PwC), a position he has held since July 2008. McGovern will retire from PwC on 30 June 2013, following a 39 year career with the firm, during which time he directed the US firm's services for a number of large public company clients. He is a member of the American Institute of Certified Public Accountants and holds a Master's Degree in Business.
CRH chief executive to retire in 2013
27 February 2013Ireland: Myles Lee, the Group Chief Executive of CRH, has confirmed to the board that he intends to retire from the company at the end of 2013 having reached the age of 60. CRH has indicated that it was likely that Albert Manifold, CRH's CEO, would become the new chairman.
Lee has completed a five year term as chief executive and 10 years as an executive director. Lee joined CRH in 1982, joining the board in November 2003 as finance director, later becoming chief executive in January 2009.
CRH profit down by 5% in 2012
27 February 2013Ireland: Irish building materials supplier CRH has reported a loss before tax of 5% to Euro674m in 2012 from Euro711m in 2011. Chief executive Myles Lee pinned the blame on weakening consumer and investor confidence within the Eurozone, although this was tempered by the recovering US market.
The group's sales revenue rose by 3% to Euro18.7bn in 2012 from Euro18.1bn in 2011. Earnings before interest, taxes, depreciation and amortisation (EBITDA) remained flat at Euro1.64bn compared to Euro1.66bn.
By region, CRH's Europe Materials division, which includes cement production, saw its sales revenue fall by 10% from Euro2.99bn to Euro2.69bn. EBITDA fell by 7% to Euro405m from Euro 436m. However, CRH's cement production volumes increased in Ukraine by 32% due to a new cement plant and an acquisition in Odessa. Ireland and Spain only comprised 5% of the division's EBITDA. Ireland saw a 17% decline in cement volumes and CRH declined to present any data about Spain other than a 30% decline across 'all sectors.'
America Materials saw its sales revenue increase by 13% to Euro4.97bn from Euro4.40bn. EBITDA increased by 7% to Euro566m from Euro530m.
In its outlook CRH expects its American operations to make progress in 2013, fuelled by the continued recovery of the US economy. Its European forecasts suggest only modest growth at best for 2013. American improvements and further profit improvement initiatives are expected to outweigh continued trading pressures in Europe.
CPV and CRH swap assets
26 February 2013Spain/Ireland/UK: On 26 February 2013 Irish buildings materials supplier CRH plc announced that it and Spanish cement business Cementos Portland Valderrivas SA (CVP) had reached an agreement, effective immediately, regarding an asset swap in relation to certain Spanish assets.
CRH will transfer its 26% stake in Corporacion Uniland SA to CPV. In return, CPV will transfer its 99% stake in Cementos Lemona SA to CRH. CRH will also acquire Southern Cement Ltd, a cement importation business, based in Ipswich, UK as part of the transaction. As part of the transaction CRH and CPV will terminate all legal disputes with each other.
Lagan and Quinn drop joint venture plans
15 February 2013Ireland/UK: Lagan Cement and Quinn Building Products have dropped plans to form a joint venture (JV).
"Discussions have now concluded and both companies have decided not to progress further with the proposed joint venture," the companies said in a statement.
The two companies signed a Memorandum of Understanding December 2012 to explore the possibility of a JV between their cement and building products businesses based in Ballyconnell, Derrylin, Kinnegad, Belfast, Cork and Benelux. At the time, Quinn Manufacturing Group chief executive Paul O'Brien and his opposite number, Jude Lagan, said that the idea was to create a 'sustainable' independent Irish cement producer.
The decision follows the receipt of a package containing a bullet which was sent in the post to the Lagan's chief executive, Kevin Lagan. The bullet, which was sent to Lagan at his Belfast office, was accompanied by a message stating, "Quinn ... is this what you want".
"This is clearly an attempt to intimidate myself and the Lagan Group at a time when we are engaged in discussions with Quinn on combining our cement and building products businesses," said Lagan in a statement released on 14 February 2013.
Merger threat to Lagan boss
31 January 2013Ireland/UK: The Irish Times has reported that a rifle bullet was sent to the chief executive of the Ireland-based Lagan Group, Kevin Lagan, during the third week of January 2013 in what is thought to be a direct threat linked to Lagan's proposed merger with part of the Quinn Group, which is based in Northern Ireland in the UK.
The rifle bullet was contained within a cigar box, which had, 'Quinn...is this what you want?' written on it. It had apparently been sent from Northern Ireland.
Lagan said he was 'totally amazed' by the package. He said the group's proposed merger with Quinn Building Products posed no threat to jobs. "In fact it secures the future of both Quinn and ourselves going forward," he said. "This is clearly an attempt to intimidate myself and the Lagan Group at a time when we are engaged in discussions with Quinn on combining our cement and building products businesses."
Lagan said that the person or persons behind the 'crude intimidatory tactic' were obviously not interested in protecting jobs. "We will not be swayed from our determination to complete our discussions successfully," he added.
Seán Quinn lost control of the Quinn Group in April 2011 when a receiver was appointed by the former Anglo Irish Bank. There have since been a number of incidents believed to have been carried out by people angry about what has happened.