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US: Mitsubishi Materials will likely enjoy a higher-than-expected profit in its North American cement operations in the year that ends in March 2016, due to brisk demand for cement and ready-mix concrete.
The North American cement segment's operating profit is expected to be around US$115m, up by 10% year-on-year. The business accounts for nearly 20% of its consolidated operating profit. North American demand for concrete and cement has increased thanks to the construction of housing and commercial facilities, mainly in southern California, where the company's US headquarters is based. Cement demand in southern California is projected to grow by 10% in 2015 and Mitsubishi Materials expects to raise its prices by a few percent. North American profit is likely to offset rising expenses for truck drivers stemming from labour shortages, beating the forecast the company had made at the start of its fiscal year.
For the April - September 2015 period, the strength in the North American cement business will likely help the company's group operating profit reach US$284m, comparable to the same period of 2014 and roughly in line with its forecast. Riding the brisk demand, Mitsubishi Materials plans to increase its US cement capacity by 150% to about 4Mt/yr in its fiscal 2016 or after.
Westbury cement plant chimney to be demolished 15 September 2015
UK: The Westbury cement plant in Wiltshire County, which was constructed in the early 1960s and mothballed in 2009, is now set to be partly demolished. In a bid to attract investors, non-operational parts of the site, including the 122m-high chimney, will be cleared. The structure will be brought down with a series of controlled explosions, according to site owner Tarmac, now part of CRH.
Earlier in September 2015, Tarmac said that it had submitted a prior notice to Wiltshire Council to demolish part of the complex. At present, the site is an 'attraction to trespassers' and is 'a security and maintenance liability.' According to Tarmac management, the demolition will result in reduced trespass and a reduced need for maintenance.
Bestway Group announces growth for Bestway Cement and Pakcem 15 September 2015
Pakistan: The boards of directors of Bestway Cement and Pakcem have reported that net turnover increased by 5.4% to US$292m for Bestway Cement in the year that ended on 30 June 2015 and by 9.4% to US$53.5m for Pakcem for the six months that ended on 30 June 2015.
In its 2015 fiscal year, Bestway Cement's revenue grew by 4.18% to US$371m, its pre-tax profit grew by 10% to US$121m and its sales volumes grew by 1.2% to 4.42Mt. In the six months that ended on 30 June 2015, Pakcem's revenue grew by 11.5% to US$68.1m, its pre-tax profit grew by 11% to US$15.7m and its sales volumes grew by 8% to 836,000t.
"We are happy to share our annual results for 2014 - 2015 for Bestway Cement and six-month period for Pakcem, with growth in sales of 4.18% for Bestway and 11.5% for Pakcem,' said Zameer Choudrey, chief executive of Bestway Group. "This was a transformative year for us, with multiple major initiatives that will shape Bestway for years to come. We closed the year by becoming the largest cement manufacturer in Pakistan. Construction trends are favourable in Pakistan and I am confident that we are particularly well positioned to succeed and accelerate growth through innovation."
Domestic cement demand grew by 8% year-on-year to 28.2Mt. Exports, however, fell by 12% to 7.2Mt, mainly due to sluggish demand and competitive prices. The year 2014 - 2015 posed fierce competition for cement producers. However, Bestway Cement increased its market share in the north zone from 17% to 21.4% and became the largest cement producer in the country with 8Mt/yr of cement production capacity. Additionally, the company continued to be one of the largest cement exporters to Afghanistan and India.
During the year, Bestway Group further reduced its reliance on the national grid by taking energy-saving initiatives and launched two 6MW and 7.5MW waste heat recovery (WHR) power plants at its Hattar and Farooqia oplants. It also plans to inaugurate another 12MW plant at Pakcem Limited.
"We are confident about 2015 - 2016," said Choudrey. "The outlook for Pakistan's economy is positive, but there are still macroeconomic and geopolitical risks. We will continue to benefit from the positive development trend witnessed in infrastructure projects such as Pakistan China Economic Corridor. The considerable drop in global coal prices and lower interest rates will provide us with additional tailwind. In view of our strong positioning, our excellent product portfolio, our production sites in attractive locations and the commitment of our people, we are well-equipped to achieve our goals."
LafargeHolcim offers Euro60/share in Lafarge squeeze-out 15 September 2015
Europe: LafargeHolcim has announced that it will pay Lafarge minority shareholders Euro60/share in a planned squeeze-out. As an alternative, the minority shareholders have the option to receive 9.45 new LafargeHolcim shares per 10 Lafarge shares. The transaction still needs to be approved by France's Financial Markets Authority (AMF). Provided that the regulator approves the process, the squeeze-out will take place in October 2015. Lafarge's shares are then expected to be delisted from Euronext Paris on 23 October 2015.
CRH concludes final part of LafargeHolcim acquisition in Philippines 15 September 2015
Ireland/Philippines: CRH has completed the Philippines element of its Euro6.5bn acquisition of certain Lafarge-Holcim assets and as such has now completed the entire deal.
On 2 February 2015, CRH announced that it had reached agreement to acquire certain assets from Lafarge and Holcim for a total enterprise value of Euro6.5bn. On 3 August 2015, CRH confirmed that the majority of the transaction was complete, with the exception of the operations in the Philippines. In a press release issued on 15 September 2015, CRH announced that the Philippines element of the transaction is now complete.