08 May 2017
Switzerland: Eric Olsen, the chief executive officer of LafargeHolcim, has denied that his departure from the group is connected to payments to armed groups in Syria. Olsen announced his resignation following a review into a conduct of a cement plant in Syria, according to the Associated Press. However, he was found not responsible or even aware of the misconduct. Olsen told reporters at the publication of the group’s first quarter financial results that his decision to leave was not related to Syria but he did acknowledge ‘tensions’ at the company. LafargeHolcim hopes to have recruited a replacement for Olsen by the end of 2017.
Arabian Cement to spend US$7m on upgrades 08 May 2017
Egypt: Arabian Cement has announced three upgrade projects with a budget of US$7m. The projects include the construction of a mechanical crane to feed the kiln of the first production line, a new system to feed the cement mills and a new coal mill, according to the Daily Egypt newspaper. The coal mill project was announced previously in mid-2016.
ACC and Ambuja Cement consider merger options 08 May 2017
India: LafargeHolcim’s subsidiaries ACC and Ambuja Cement have started exploring the options for a merger. The cement producers have initiated a study to assess the benefits of the move. A special committee of directors, of which the majority are independent directors, has been constituted to commence the evaluation. The boards of both companies will make a decision once a recommendation is received from the special committee of directors and the Audit Committee.