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Displaying items by tag: Loma Negra
Loma Negra cement assets expected to change hands
12 June 2015Argentina: Loma Negra, the cement assets purchased in 2005 by Brazil's Camargo Corrêa Cimentos from the Fortabat family in a US$1bn deal and later incorporated into Intercement is likely to be sold, according to El Cronista. Loma Negra began 2011 with a US$400m four-year investment that includes US$250m to set up a plant at San Juan, Puerto Rico. It would be Loma Negra's 10th cement plant.
Paraguay president meets Holcim executives for Industria Nacional del Cemento plant upgrade
28 October 2014Paraguay: President Horacio Cartes met with the head of the country's cement company Industria Nacional del Cemento (INC) and executives from Holcim and KBR Group on 23 October 2014. The meeting was arranged to discuss a new 4000t/day cement production line for INC at its Puerto Vallermi Plant capable of meeting a production rate of 90,000 bags/day. Cartes has also met with executives from Paolini Hnos and Loma Negra. Construction of the new line is intended to start in 2015.
Loma Negra profit halves in 2012
13 March 2013Argentina: Loma Negra, a subsidiary of Camargo Correa of Brazil, has reported that its profits fell by half to US$43.9m in 2012 from US$96m in 2011. Sales dropped to US$688m from US$704m following the official currency quotation in December 2012. Cement and lime production fell by 9% to 5.7Mt from 6Mt.
Loma Negra's performance follows a general reduction in the construction sector in Argentina, where the construction index (ISAC) fell by 3.2% in 2012. Loma Negra has confirmed that its results were affected by the acquisition of a 35% stake in Paraguay's Cementos Yguazu at cost of US$19m. Camargo Correa holds a 70% stake in Yguazu, with 30% belonging to Concret Mix.
Loma Negra to invest in Argentina
08 August 2011Argentina: Cement maker Loma Negra, controlled by Brazil's Grupo Camargo Correa, will invest USD404m in Argentina between 2012 and 2014, President Cristina Fernandez has announced.
Camargo Correa officials met with the Argentine president Fernandez and presented an investment plan that includes a new cement plant. "They told me about investments... for USD404m with a cement plant that will allow them to produce 900,000t more," Fernandez, who is seeking re-election in October 2011, said in a speech.
The investments, aimed at increasing output, also include a coal stockpile yard, said Ricardo Lima, vice president of operations at Camargo Correa. Loma Negra has nine cement plants and six concrete plants.