11 November 2021
Votorantim Cimentos to acquire FYM’s Southern Spain business 11 November 2021
Spain: FYM has agreed to sell its Southern Spain business to Brazil-based Votorantim Cimentos. The assets consist of the 1.6Mt/yr Málaga cement plant and 11 ready-mixed concrete plants and aggregates assets in Andalusia. Parent company HeidelbergCement said that the divestments accord with it Beyond 2020 strategic vision. FYM retains its Northern Spain cluster in the Basque Country, Cantabria, La Rioja and Navarra, which it operates under the Cementos Rezola brand.
Titan Cement increases sales and profit as earnings drop in first nine months of 2021 11 November 2021
Greece: Titan Cement has recorded sales of Euro1.26bn in the first nine months of 2021, up by 5% year-on-year from Euro1.2bn in the first nine months of 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 4.3% to Euro220m from Euro229m, while its net profit rose by 41% to Euro81.9m from Euro58m.
During the third quarter of 2021, Titan Cement’s US low-carbon cement sales reached 50% of its total US cement sales. It also continued with hydrogen enrichment pilot studies in its cement kilns in Bulgaria and Greece.
Eagle Cement increases nine-month sales, earnings and profit in 2021 11 November 2021
Philippines: Eagle Cement recorded consolidated sales of US$324m in the first nine months of 2021, up by 63% year-on-year. The company said that its cement volumes recorded double-digit growth during the period. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) were US$134m, up by 59% from US$83.9m. Its net profit meanwhile rose by 89% to US$102m from US$53.9m.
The company also announced that it has completed its expansion of its 7.1Mt/yr Bulacan cement plant in Luzon. The newly commissioned plant now boasts a fifth grinding mill, a third packing facility and a fifth cement silo, along with new supporting facilities.
Cemex secures US$3.25bn credit agreement 11 November 2021
Mexico: Cemex has successfully closed a US$3.25bn syndicated credit agreement. The group said that it used the proceeds to repay its previous US$2.65bn facilities agreement. The new agreement will require repayment in November 2026. As the facility is worth 23% more than its previous one, the company said that it will have a stronger liquidity position than previously, resulting in a favourable company risk and credit rating situation.
CEO Fernando Gonzalez said "This new credit agreement represents a major milestone in our path to investment grade as it is our first major syndicated unsecured bank agreement since 2009. It showcases Cemex’s continued access to diversified funding sources while further aligning our financing strategy to our leadership in addressing climate change.” He added “We are starting a new chapter for the company where we shift our strategic balance a bit more towards growth and the advancement of our Climate Action goals.”
FLSmidth increases nine-month sales and profit in 2021 11 November 2021
Denmark: FLSmidth recorded consolidated sales of Euro1.67bn in the first nine months of 2021, up by 2% year-on-year from Euro1.64bn in the corresponding period of 2020. The supplier recorded a net profit of Euro26.4m, up by 54% from Euro17.1m. Of its two divisions, its cement business’ sales increased more sharply, by 22%.
CEO Thomas Schulz said “The third quarter of 2021 saw strong momentum in order intake. The cement industry is emerging from the pandemic with improved service activity and growing demand for greener solutions. Revenue grew strongly and earnings before interest, taxation and amortisation (EBITA) increased by 72% with an improved EBITA margin in both mining and cement.” He added “Our cement reshaping activities have progressed well and EBITA in cement was positive for the first time since the first quarter 2020.”