23 September 2014
Elementia plans IPO 23 September 2014
Mexico: Elementia plans to launch an initial public offering (IPO), according to a filing with the Mexican stock exchange. The size of the issue is yet to be determined.
CEO of PPC resigns after clash with the board 23 September 2014
South Africa: The CEO of PPC, Ketso Gordhan, resigned abruptly on 22 September 2014. The company cited clashes between him and the board. Gordhan, who was appointed at the start of 2013, leaves the company in the middle of an expansion drive into the rest of Africa that he had spearheaded to offset slowing demand at home.
PPC said that Gordhan's departure was prompted by 'differences of opinion' with the board, regarding 'procedures for the approval of certain decisions.' However, he has agreed to continue to provide input to crucial projects he was leading. The non-executive chairman Bheki Sibiya will act as the executive chairman until the appointment of a new CEO.
Eurocement orders 300MW power plants from Wärtsilä 23 September 2014
Russia: Eurocement has signed a contract for more than Euro116.8m with Finnish power solutions company Wärtsilä for the supply of thermal power plants as part of its modernisation programme for reducing power costs. The total investments in the project will amount to Euro156m. The plants will have a combined capacity of over 300MW, which will meet 60% of the group's power needs and cut costs by 15 - 20%.