Displaying items by tag: Kosmos Cement

US: Kosmos Cement has ordered a mobile ship unloader from Sweden-based Bruks Siwertell for use at its terminal in Pittsburgh in Pennsylvania. The product is designed to discharge vessels up to 5000dwt and has a continuous rated cement handling capacity of 300t/hr. Delivery is planned for the spring of 2023.

Mexico: Cemex recorded consolidated cement volumes of 63.8Mt in 2020, up by 2% year-on-year from 62.7Mt in 2019. Ready mixed concrete sales volumes fell by 6% to 47.0Mm3 from 50.1Mm3. Its net sales fell by 1% to US$13.0bn from US$13.1bn although the group has reported a slight rise on a like-for-like basis. Operating earnings before interest, taxation, depreciation and amortisation (EBITDA) rose to US$2.46bn, up by 3% from US$2.38bn. However, sales and earnings picked up significantly in the fourth quarter of 2020.

Fernando A González, the chief executive officer (CEO) of Cemex said, “2020 was one of the most challenging years we have faced but it also was a remarkable year that tested the strengths of Cemex and several of our recent strategic initiatives. I am proud of our performance, the organisation, and how we responded to the sudden arrival of Covid-19 in 2020.”

Cement volumes rose by 6% in Mexico and by 8% in the US, but fell by 1% in Europe, Middle East, Asia and Africa and by 8% in South and Central America and the Caribbean. Prices fell in all regions except Europe, where they rose by 3%, and the US, where they remained level. Annual like-for-like sales and gross profit increases were noted in Mexico, the US and Middle East and Africa.

The group concluded the sales of its 75% stake of US-based Kosmos Cement for US$499m in March 2020 and of ready-mix assets in the UK for US$230m in August 2020.

US: Mexico-based Cemex has confirmed that its 75% subsidiary Kosmos Cement, which it holds jointly with a subsidiary of Italy-based Buzzi Unicem, has completed the sale of its 1.7Mt/yr integrated Louisville plant to Eagle Materials for US$665m. Cemex says that it will receive US$499m in proceeds from the sale.

US: Eagle Materials has received clearance from the Federal Trade Commission for its November 2019 acquisition of Kosmos Cement, which operates the 1.7Mt/yr integrated Louisville plant in Kentucky, as well as raw materials reserves and seven cement terminals, from Mexico-based Cemex and Italian Buzzi Unicem for US$665m. Eagle Materials board chair Mike Nicolais said the acquisition was ‘timely in light of our plans to separate our Heavy Materials and Light Materials businesses into two independent, publicly traded corporations.’ It will pay using existing funds and a loan withdrawn for the purpose.

US: Cemex is looking to sell its majority stake in the Kosmos Cement plant at Louisville in Kentucky. Sources quoted by the El Financiero newspaper said that the integrated plant could be valued as high as US$750m. Cemex is working with Bank of America and Citigroup on the potential sale. Buzzi Unicem, through its subsidiary Dyckerhoff, owns the remaining stake in the plant. Cemex’s decision to try and sell the plant follows falling sales and profits for the Mexican building materials producer so far in 2019.