Displaying items by tag: Spain
Spanish watchdog inspects cement companies over cartel suspicions
24 September 2014Spain: The Spanish competition watchdog CNMC has carried out inspections at the headquarters of companies that produce cement, concrete and their derivatives.
The cause for the inspections, which were conducted on 16 - 18 September 2014, was suspicions of anticompetitive practices, including division of markets and price fixing agreements. Should suspicions be confirmed, the regulator will initiate disciplinary proceedings on the basis of 'very serious' misconduct, which could result in fines amounting to 10% of the companies' revenue.
Fomento de Construcciones & Contratas to transfer rescue funds to Portland Valderrivas
19 September 2014Spain: Spanish builder Fomento de Construcciones & Contratas SA (FCC) is to help its cement unit Cementos Portland Valderrivas make a debt payment by transferring rescue funds, according to Bloomberg. FCC has reportedly received approval to creditors to transfer Euro20m to Cementos Portland Valderrivas, which owes lenders Euro50m on 30 September 2014. Meeting the payment deadline will buy Cementos Portland Valderrivas more time to restructure about Euro1Bn of loans with creditors.
EC approves Spanish Cemex-Holcim deal
10 September 2014Spain: The European Commission has cleared the acquisition of the Spanish operations of the Swiss building materials group Holcim by its Mexican peer Cemex following an in-depth investigation.
CPV outlines debt refinancing plan
10 September 2014Spain: Cementos Portland Valderrivas (CPV) has released a statement outlining its plans to refinance Euro969m of debt. In the short term, CPV is struggling to keep on top of maturing debt and has released a statement confirming that it has received the unanimous agreement of all of its creditors to extend the maturity of Euro50m of debt from 30 June 2014 to 30 September 2014.
Votorantim and Molins join forces in new firm Yacuces
06 August 2014South America: Brazilian conglomerate Votorantim has teamed up with Spanish company Cementos Molins to expand their cement businesses in Latin America through newly formed cement company Yacuces.
Votorantim will have a 51% stake in the joint venture. The agreement involves the purchase of 66.7% of Bolivian cement company Itacamba for US$18.6m by Yacuces.
According to a statement filed with Spain's capital markets regulating commission CNVM, Itacamba has plans to invest around US$220m in the next two years to build a cement factory. Votorantim and Molins already have business partnerships in Argentina and Uruguay through cement companies Cementos Avellaneda and Cementos Artigas.
Spain: Cementos Portland Valderrivas (CPV) has seen its net loss widen to Euro31m in the first half of 2014 compared to a loss of Euro0.6m in the same period of 2013. It said that its performance was due to 'exceptional circumstances' and that without one-off items it would have improved its result by 36%.
CPV's revenue also decreased by 3.8% to Euro260m between January 2014 and June 2014. Cement sales volumes were up by 5%, of which 63% came from overseas markets, predominately the USA and Tunisia.
Spain: The Spanish cement makers association Oficemen expects cement demand in Spain to fall by 3% year-on-year to 10.4Mt in 2014.
Despite the slight recovery of the Spanish economy expected by analysts, the year is expected to be difficult for the local cement makers, the chairman of Oficemen, Isidoro Miranda, has said. Cement demand is expected to start increasing in 2015 if the Development Ministry decides to boost investments public works, he added. In June 2014, cement demand in Spain fell by 2% year-on-year to 967,790t.
Spain: The European Commission (EC) has objected to Cemex's plan to acquire Holcim's Spanish units, according to Reuters.
Cemex and Holcim unveiled the deal in August 2013, part of which included Holcim taking over Cemex's German businesses. The EC cleared this deal unconditionally earlier in July 2014. However, the Spanish part of the deal triggered an in-depth probe by the EC in April 2014. The preliminary review showed that the takeover would substantially curb competition in the grey cement market in certain parts of Spain.
"The EC has sent a statement of objections to the companies," said an EC spokesperson.
"We cannot comment and the process is following its normal course," said Cemex. "Proper disclosure will be made when we have to make it." Cemex had offered some concessions during the EC's preliminary review, but these were not considered to be sufficient. The EC has set a 5 September 2014 deadline for its decision.
Spain/Mexico/Argentina: Cementos Molins plans to build its international presence outside of Spain with expansions planned for Mexico and Argentina. The company hopes to generate just 20% of revenues in Spain in 2017. The company reported a profit of Euro6.5m for the first quarter of 2014.
The Spain-based cement producer intends to invest in a Euro147m cement plant project in Veracruz, Mexico in 2015 – 2016 shared with Buzzi Unicem and Mexican company Carso. Cementos Molins also plans to upgrade its existing cement plant in San Luis, Argentina. Other projects include two cement plants at unspecified locations.
Spain: Cemex has opened a new distribution centre in Rubi, Catalonia. Cemex Spain CEO Jaime Ruiz de Haro and Rubi Mayor Carme Garcia cut the ribbon on the new facility. The centre will distribute cement and other construction materials.
"We are the top producer of white cement in the world and the number three producer of grey cement. Centres like this allow us to get closer (to our customers) and improve our offerings," said Ruiz de Haro.
Cemex expects sales to hit Euro250m in 2014 in Spain. It employs about 200 people in the country.