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Holcim to separate and list North American Business

29 January 2024

North America: Holcim has announced plans for a full capital market separation of its North American business. Subject to shareholder approval, it will subsequently list the business in the US in the first half of 2025. The group will communicate the final structure of the separation, which it expects to execute as a spin-off, later in 2024. Reuters has reported that Holcim chair and chief executive officer Jan Jenisch said that the North American business may attract a valuation of US$30bn upon listing, with Holcim retaining no stake. The business recorded an estimated earnings before interest, taxation, depreciation and amortisation (EBITDA) margin of over 27% in 2023. Following the US listing of the business, Holcim itself expects to continue its inclusion in the Swiss Market Index in Switzerland.

Jenisch said “Holcim has reached a new level of financial performance and a superior earnings profile with industry-leading margins and a strong balance sheet. The success of our North American business makes it the leading pure-play building solutions company in the region. With a US listing, we will unleash its full potential to be the partner of choice for our customers in one of the world’s most attractive construction markets. As we fully capitalise on the region’s infrastructure and construction boom, we will accelerate growth and unlock value for our stakeholders.”

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Dominican Association of Portland Cement Producers celebrates 75 years of Dominican cement production

10 January 2023

Dominican Republic: The Dominican Association of Portland Cement Producers (ADOCEM) has declared 2023 a year of strength in the cement industry, as it celebrates the 75-year anniversary of the start of cement production in the country. CNIN News has reported that the Dominican Republic's cement industry contributed US$764m/yr to the national economy, 0.8% of gross domestic product (GDP).

ADOCEM president Félix González said “The cement industry has contributed decisively to our national stability, not only through quality jobs and contributions to the treasury, but also by successfully meeting local demand and contributing to international exports, despite cost-related challenges."

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UltraTech Cement declines to pay US$126m for Jaiprakash Associates cement plant in Uttar Pradesh

05 July 2022

India: UltraTech Cement has declined to pay US$126m for a 3Mt/yr cement plant in Uttar Pradesh which it acquired from Jaiprakash Associates in 2017. The Economic Times newspaper has reported that the acquisition was part of a US$2.05bn deal covering 21.2Mt/yr-worth of cement capacity across six cement plants and five grinding plants. With environmental clearances pending on the Uttar Pradesh plant, the companies had agreed to a delayed final payment for the US$126m asset, to be made on 30 June 2022. UltraTech Cement says that it is unwilling to pay for the plant ‘in the present circumstances,’ given that the required clearances are still lacking. The group is reportedly seeking a revaluation of the plant down to US$78.3m.

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Value of UK construction activity rises to Euro27.5bn in first quarter of 2022

19 April 2022

UK: UK construction recorded its highest ever quarterly total value at Euro27.5bn in the first quarter of 2022. Participants in the industry agreed Euro10.4bn-worth of construction contracts in March 2022. Analyst Barbour ABI has reported that residential construction contracts rose by 50% month-on-month to Euro4.22bn, their highest level since the Covid-19 outbreak arrived in the UK in March 2020. Chief economist Tom Hall noted a year-on-year and month-on-month increase in office construction activity as indicative of a reversal of the home-working trend of the past two years.

Hall said “While the current state of the industry is positive with lots of activity and record-breaking levels of contracts awards and planning approvals in some areas, the horizon is more concerning. Overall, the level of planning applications received in March was low and raises questions about the delivery of the government’s commitment to raise the standard of healthcare across the country and its flagship levelling up agenda.”

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Saint-Gobain acquires Chryso

04 October 2021

France: France-based Saint-Gobain has acquired Chryso from financier Cinven for Euro1.02bn. The Le Moniteur newspaper has reported that the group will operationally integrate Chryso into its high performance solutions division. It said that it intends to develop Chryso in markets already served by Saint-Gobain, and to accelerate cross-selling between Weber and Chryso.

CEO Benoit Bazin said "Chryso strengthens us significantly in the growing construction chemicals market, in which we have made 10 acquisitions and opened 16 plants in 18 countries over the past three years to now exceed more than Euro3bn in turnover in 66 countries.”

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LafargeHolcim and San Miguel Corporation’s Holcim Philippines deal falls through

11 May 2020

Philippines: LafargeHolcim’s sale of its 86% stake in Holcim Philippines to San Miguel Corporation for US$2.15bn has fallen through after the Philippines Competition Authority (PCC) failed to approve the deal within 12 months of its conclusion. Reuters News has reported that the agreement, dated 10 May 2020, covered the exchange of four integrated plants and one grinding plant. LafargeHolcim has been divesting assets to pay off debt. The sale of its Holcim Philippines stake would have completed its withdrawal from the South-East Asia market, where its operations across Indonesia, Malaysia, Singapore and the Philippines had been valued at US$4.90bn.

LafargeHolcim has said that three of its four integrated Philippines cement plants have been able to resume operations following the lockdown due to the coronavirus outbreak. It says that it will ‘focus on strengthening operations in the Philippines.’

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Taiheiyo Cement acquires 15% stake in Solusi Bangun Indonesia

23 April 2020

Indonesia: Japan-based Taiheiyo Cement has announced its acquisition of a 15% stake in state-owned Semen Indonesia subsidiary Solusi Bangun Indonesia for between US$186m and US$232m, subject to the terms of a partnership agreement with Semen Indonesia.

Under the ‘2020 Mid-Term Management Plan,’ Taiheiyo Cement says that it aims to ‘become a corporate group with a strong presence in the Pacific Rim.’ Its partnership with Semen Indonesia is part of Taiheiyo Cement’s response to a forecasted long-term decline in domestic cement demand in Japan.

In the first quarter of 2020 Semen Indonesia sold 9.36Mt of cement, up by 7.0% year-on-year from 8.74Mt in the corresponding period of 2019. InsiderStories News has reported that domestic demand in the period fell by 4.9% to 14.9Mt from 15.7Mt, while exports fell by 2.5% to 1.39Mt from 1.42Mt but rose by 6.2% on a month-by-month basis in March 2020 to 3.09Mt from 2.91Mt in February 2020. April 2020’s cement sales are expected to be lower due to the impacts of the coronavirus outbreak.

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Norochcholai Coal Power Plant targets US$5.5m in fly ash sales to cement plants in 2020

10 March 2020

Sri Lanka: Norochcholai Coal Power Plant (NCPP) is courting buyers for its fly ash, of which it says it produces US$5.5m-worth annually. In 2019 NCPP sold US$3.3m to Sri Lankan cement producers. Daily News Sri Lanka has reported that the company has undertaken measures to increase the value of the fly ash to cement producers, in order to obtain a higher price. NCPP manager Indrasiri Gallage said, "By selling fly ash to cement producers the plant has also helped to free the country from reliance on clinker imports."

An expansion, including the installation of a new 300MW coal-fired power plant, will eventually bring the NCPP’s capacity to 1200MW. The plant is currently working to increase the value of its bottom ash for paving block production.

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Uzbekistan increases Iranian cement imports to the exclusion of other countries

09 March 2020

Uzbekistan: Uzbekistan imported 3.27Mt of cement in 2019, down by 6.8% year-on-year from 3.51Mt in 2018. The value of cement imported fell by 13% to US$154m from US$176m. Trend newspaper has reported that cement imports from Kazakhstan fell by 32% to 0.97Mt from 1.43Mt. Imports from Tajikistan and Turkmenistan also fell, but rose by 85% from Iran, to 0.59Mt from 0.32Mt.

Uzbekistan, which has a 12.9Mt/yr installed cement production capacity, removed its zero rate of customs duty on cement in October 2019 in order to help align domestic demand with production.

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Belarusian cement production increases by 4.6% year-on-year in 2019

07 February 2020

Belarus: Belarusian cement producers recorded production volumes of 4.7Mt in 2019, corresponding to capacity utilisation of over 100%. Volumes increased by 4.6% from 4.5Mt in 2018. The Arab Times has reported that the country imported 0.5Mt of cement with a value of US$28m. US$18m of this came from Russia, while a further US$3.7m, US$2.8m and US$2.0m came from Latvia, Ukraine and Turkey respectively.

On 6 February 2020 the State Council of Ministers reinstated protectionist licencing laws requiring importers of cement to have special permissions to bring cement from outside of the Eurasian Economic Union into the country. This affects all current sources of imported cement to Belarus apart from Russia.

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