Displaying items by tag: Denmark
Marius Jacques Kloppers and Rob Smith to join board of FLSmidth
23 September 2015Denmark: Marius Jacques Kloppers and Rob Smith have accepted to be nominated as new members of the Board of Directors of FLSmidth. They will be nominated at the company's next Annual General Meeting (AGM) on 5 April 2016.
Marius Jacques Kloppers, aged 53 and a joint Australian-South African citizen, is the former CEO of the mining company, BHP Billiton. Rob Smith, aged 50 and a German-American citizen, is Senior Vice President and General Manager, EAME of AGCO.
Current member of the Board of Directors, Martin Ivert, has decided not to stand for re-election at the next AGM.
Vortex announces Mespo as new representative in Denmark
17 September 2015Denmark/UK: Vortex has appointed Mespo ApS as its exclusive agent in Denmark. Mespo sells high quality components, machines and customised solutions for powder handling manufacturers like cement producers.
"We are very pleased to add Mespo to our line of representatives," said Laurence Millington, Vortex's director of international business. "Mespo has a great cooperation with many manufactures of powder processing equipment around Europe. With its convenient location in Ringsted on Zealand, Mespo can respond to our Danish customer needs in a short amount of time."
Cable maker CMI acquires FLSmidth’s Haryana plant
17 September 2015India/Denmark: Specialty cable manufacturer CMI Ltd has acquired one of Denmark-based FLSmidth's manufacturing plants in Bawal, Haryana to cater to the growing demand of its products.
CMI plans to invest US$3.02m on the acquisition, which is expected to significantly augment the company's production capacity. The company intends to start production in the new facility within the current financial year. The facility possesses all the necessary clearances and equipment required for industrial production. CMI's net profit rose by 168% to US$429,133 in the quarter that ended on 30 June 2015 and its revenues were US$20.7m.
CMI, which was formerly known as Choudhari Metal Industries, was incorporated in 1967. The company was initially engaged in copper metal trade and copper melting and rod casting and later diversified to the cables business. It currently makes different types of cables to meet the demand of core infrastructure sectors in India like telecommunication, railways, shipbuilding and petrochemicals.
FLSmidth to supply new production line for Cemex Odessa plant
26 November 2014Denmark/US: FLSmidth has signed an engineering, procurement and construction (EPC) contract with Cemex for the supply of a new cement production line at its Odessa cement plant in Texas, US. Once the installation is finished, the cement production line is expected to have a capacity of approximately 2540t/day.
The expansion will focus on higher fuel efficiency and improved productivity. The equipment scope includes a five-stage ILC preheater with a Low NOx Calciner, three-pier kiln, FLSmidth Cross-Bar cooler, Duoflex burner, Pfister weighing and dosing systems, gas analysers and three Fuller-Kinyon pumps. The line will also use an FLSmidth control system.
FLSmidth appoints new Group Financial Officer
12 March 2014Denmark: FLSmidth has appointed Lars Vestergaard as its new Chief Financial Officer and member of Group Executive Management. Vestergaard succeeds Ben Guren who has decided to leave the company due to personal reasons. Vestergaard will take up the position as CFO on 1 April 2014. Brian Iversen, Vice President Corporate Finance, FLSmidth will be acting CFO until Vestergaard starts.
Vestergaard, aged 39 and a Danish citizen, holds a Master of Science in Business Management and brings with him international experience in the role as CFO as well as international experience in change management, IT management and treasury from his various management positions in Carlsberg (2004 - 2014) and the global facility service provider ISS (2000 - 2004).
Denmark: FLSmidth has announced the appointment of Eric Thomas Poupier to a newly created position in group executive management, as group executive vice president, business development. Poupier will take up his new position on 15 January 2014.
Since 2011 Poupier has been a manager at Bain and Company in Stockholm, managing projects for Nordic clients. From 2007 to 2011 he was a consultant for Bain and Company and specialised in reorganisation, growth strategy, sales force effectiveness and performance improvements. Over 2005 to 2007 Poupier completed a full time MBA study in the USA and in 2005 he held the position of purchasing manager for Bosch Group in Changzhou, China. Previous to 2005 Poupier had a number of managerial positions in strategic purchasing within the Bosch Group in Germany.
Eric Poupier brings with him a broad experience within business and strategy development as well as within purchasing and change management. The new business development position in group executive management was created in an effort to strengthen FLSmidth Group's competitiveness by focusing more on effectiveness, strategy development and integration.
FLSmidth to pay MT Højgaard more compensation than expected
05 December 2013Denmark: An ICC (International Chamber of Commerce) arbitration has been concluded in a case between MT Højgaard A/S and FLSmidth A/S dating back to 2004.
Much to the surprise of FLSmidth and contrary to expectations, the ICC arbitration award renders FLSmidth liable to pay significantly higher compensation than expected. The compensation is due for some of the costs resulting from delays at the Buxton cement plant in the UK in 2004.
According to the arbitration award, FLSmidth is to pay partial compensation plus interest, plus part of the costs of the proceedings to MT Højgaard.
The impact on FLSmidth's financial statements amounts to a net loss of Euro21.5m on EBITA and Euro16.1m on profit after tax, which will be booked in the fourth quarter of 2013. Consequently, the EBITA margin for 2013 is expected to be 3.5-4.5% rather than the previously forecast 4-5%.
FLSmidth to cut 130 more jobs
27 November 2013Denmark: FLSmidth will cut a further 130 jobs in Denmark in addition to the 1100 job-cut announced in August 2013, according to Reuters. The cement plant manufacturer said the redundancies were caused by the development in the market for cement factories in Europe, the Middle East, Africa and Asia-Pacific. A spokesman for FLSmidth declined to comment on whether the company is planning to cut more jobs outside of Denmark.
FLSmidth orders down in first half of 2013
27 August 2013Denmark: The Danish cement plant manufacturer FLSmidth has announced that its total order intake fell by 22% to Euro1.43bn in the first half of 2013 from Euro1.83bn in the first half of 2012. However, its revenue increased by 16% to Euro1.62bn from Euro1.41bn.
Earnings before amortisation and impairment of intangible assets (EBITA) decreased by 45% to US$72.5m from Euro131.9m in the first half of 2012. FLSmidth's profit decreased by 62% to Euro23.7m from Euro62.2m in the first half of 2012.
Looking towards the rest of 2013, FLSmidth said that, over its entire operations (which now includes recent acqusition Cembrit), it expects consolidated revenue of Euro3.5 - 3.75bn. The launch of an efficiency programme is expected to create a sustainable EBITA improvement of Euro100m with full-year effect from 2015.
FLSmidth posts Q1 profit drop
22 May 2013Denmark: FLSmidth has reported a 86% drop in its profit year-on-year to Euro5.77m for the first quarter of 2013, compared to Euro32.3m in 2012. The Danish engineering group blamed increased customer hesitation, market uncertainty and a lack of efficiency.
Its revenue increased by 17% to Euro758m in the first quarter of 2013 from Euro648m in 2012. However, order intake fell by 22% to Euro675m from Euro862m. Fewer large orders were signed in the fist quarter of 2013, while unannounced orders were stable. Earnings before interest, taxes, depreciation and amortisation fell by 28% to Euro43.9m from Euro61.2m.
In its interim results FLSmidth stated that corrective actions were being developed and would be publicised in its second quarter report along with measures from the new CEO.