22 June 2016
Nigeria: The Economic and Financial Crimes Commission (EFCC) has raided the Lagos office of the Bank of Industry (BOI) following an investigation. Officials of the development bank say that the raid was part of the investigation by the EFCC of the allegation of misapplied funds belonging to the Cement Technology Institute of Nigeria (CTIN), according to All Africa.
In a statement the BOI said that concerns regarding the new terms on how to manage a fund accrued from tariffs on imported cement between 2011 and 2015 had been addressed. The bank was appointed by the federal government to use the money to develop the country’s cement industry. However, following the creation of Cement Technology Institute of Nigeria (CTIN) the BOI was asked in 2013 to transfer the fund to CITN. This did not happen. On 17 June 2016 the fund had grown to US$47m in the BOI’s accounts.
India: Kanodia Group has launched its new cement brand ‘Bigcem’ at Ghaziabad, Uttar Pradesh. The product will be targeted at markets in Uttarakhand and Western Uttar Pradesh to start with followed by expansion in Delhi and the National Capital Region, according to the Hans India newspaper. Gautam Kanodia, director of Kanodia Group, said that the product is expected to give 40% more strength than the general Bureau of Indian Standards standard.
European Bank for Reconstruction and Development to increase stake in Holcim Azerbaijan cement factory to 20% 22 June 2016
Azerbaijan: The European Bank for Reconstruction and Development (EBRD) plans to increase its stake in Holcim Azerbaijan to 20% from 10%.
"The EBRD is considering an additional investment in Holcim OJSC to increase the bank's stake in the company, with a view to extend its participation in the business," the EBRD said in a statement. The bank intends to support the company’s energy efficiency through the use of alternative fuels. On 20 July 2016 the EBRD board of directors will start a preliminary review of the issue of increasing the stake in Holcim Azerbaijan.
Holcim Azerbaijan produces 35 - 40% of Azerbaijan's cement and clinker. The company's main shareholders are LafargeHolcim (66%), EBRD (10%) and Holcim Auslandbeteiligungs GmbH (10%).
Australia: Adelaide Brighton says it has prepared for an acquisition of the operations of LafargeHolcim in Australia and New Zealand. Chief executive Martin Brydon confirmed the plans to The Australian newspaper. He added that the plan includes measures to cope with competition issues that could arise from the takeover. However, Brydon admitted that LafargeHolcim has not declared if it is actually selling its assets in the region.
Syria: LafargeHolcim has dodged accusations by La Monde that Lafarge entered into deals with armed groups in Syria, including Islamic State (IS), to protect its business interests in the country. In a statement LafargeHolcim said that its first priority was the safety and security of its employees at its Jalabiyeh cement plant before it eventually closed the plant. It did not deny the accusations.
Le Monde reported it had seen letters sent by Lafarge managers in Syria revealing arrangements that Lafarge made with the jihadist group to continue production until 19 September 2014 and to arrange access for staff and supplies. The French newspaper also alleges that Lafarge bought licences from and paid taxes to IS middle-men and oil traders.
Lafarge operated the 3Mt/yr Jalabiyeh cement plant from 2010 to 2014. In September 2014, Lafarge stopped operating the plant. After that, all employees were evacuated, put on paid leave and were no longer allowed to access the plant. In December 2014 Lafarge decided to terminate all employee contracts, and where possible, transfer employees to other parts of the group.
US: HGH Infrared Systems, the American subsidiary of HGH Systemes Infrarouges (HGH), based in Boston, Massachusetts, has just acquired Electro Optical Industries (EOI), based in Santa Barbara, in California. The new entity will be named Electro Optical Industries Inc.
EOI, a pioneer of electro-optical test instruments, has been a provider of infrared, visible and ultra violet testing and calibration equipment since 1964.
Commenting on the transaction, Thierry Campos, President of the newly formed Electro Optical Industries Inc said, “This merger will greatly enhance our development and manufacturing capabilities in the USA. It will also significantly extend our product line and service offerings to the benefit of our customers worldwide. We are very excited by this historic move which will add to our rapid expansion and will position our group as a world leader in infrared instruments and wide area surveillance systems.”