Displaying items by tag: Elementia

US: The Federal Trade Commission (FTC) has filed an administrative complaint and authorised a legal suit against Lehigh Cement’s acquisition of Keystone Cement. The HeidelbergCement subsidiary acquired the subsidiary of Mexico-based Elementia in September 2019. The commission said that the acquisition may be harmful to competition in the grey cement market in Pennsylvania and New Jersey as it reduces the number of competitors to three from four and enlarges the largest. It added that Keystone Cement’s aggressive pricing had previously caused Lehigh Cement to lower its prices.

The case will go to trial at administrative court in November 2021.

Mexico: Elementia recorded standalone net sales of US$363m in the first quarter of 2021, up by 18% year-on-year from US$309m in the first quarter of 2020. The group’s Mexican cement sales rose by 25% to US$74.9m from US$60.0m. Its US cement sales rose by 6% to US$58.9m from US$55.8m and its Central American sales rose by 18% to US$6.13m from US$5.19m. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 52% to US$51.2m from US$33.6m. In early March 2021 the group announced that it was starting a spin-off process to form a new company from its metals and building systems businesses as part of an ongoing corporate strategic reorganisation.

Mexico: Elementia sold 5.3Mt of cement in 2020, up by 4% year-on-year from 5.1Mt in 2019. Consolidated net sales rose by 8% to US$1.34bn from US$1.24bn, while earnings before interest, depreciation, taxation and amortisation (EBITDA) rose by 8% to US$170m from US$157m. Cement business sales rose in all regions with the exception of Central America with particular earnings growth record in the US.

The company also noted that the sale of its integrated Bath plant in Pennsylvania, US remained under review by competition authorities with a response hoped for in April 2021. The sale of the unit to HeidelbergCement-subsidiary Lehigh Hanson was first announced in September 2019.

Mexico: Elementia has announced the commissioning of a new 0.25Mt/yr grinding plant in Progreso, Yucatán State. The group says that the plant cost US$25m. Chief executive officer (CEO) Jaime Rocha Font said “Through this project, Elementia aims to participate in the growth of the Yucatán Peninsula and Southern Mexico.”

Mexico: Elementia has appointed María de Lourdes Barajas Flores as its chief financial officer (CFO). She succeeds Juan Francisco Sanchez Kramer who will leave the company to, “pursue new personal and professional opportunities.” Barajas Flores was the Director of Administration and Finance for the company’s cement division. Iris Josselin Fernandez Cruz, Elementia’s Head of Corporate Treasury will take over the responsibilities of the Investor Relations area.

US: Mexico-based Elementia has appointed Tim Kuebler as the leader of Elementia USA. He was already the chief executive officer (CEO) of the company’s cement business in the US and the enlarged role includes responsibility for Allura, the group’s local fibre cement business. Kuebler became the CEO of Elementia’s US-based cement business, Giant Cement, in late 2017. Prior to this he spent most of his 35-year career working at first for Lehigh Cement and then Titan America in locations across the US.

Mexico: Elementia has appointed Jaime Rocha Font as its new chief executive officer (CEO) with effect from 2 September 2020. He succeeds Fernando Ruiz Jacques, who will focus on, “new business and development opportunities.” Rocha and Ruiz will work together over the transition process.

Rocha is currently the CEO of Elementia’s Cement Division, including Cementos Fortaleza in Mexico and Costa Rica, as well as Giant Cement Holding in the US. He holds 29 years of experience in the cement industry, and prior to Elementia he held a number of senior positions at Holcim. He has a degree in Civil Engineering from Universidad Católica de Chile and an MBA and postgraduate studies from the IMD in Switzerland, the Free University of Brussels in Belgium and IPADE in Mexico.

Mexico: Elementia’s first quarter sales were US$49.0m, down by 5.0% year-on year from US$52.0m in 2019. Group earnings before interest, tax, depreciation and amortisation (EBITDA) was US$20.4m, down by 7.0% from US$22.0m in the first quarter 2019. Cement volumes fell by 11% year-on-year to 1.08Mt from 1.22Mt.

The company suspended all operations in Peru, Bolivia and Ecuador from 20 March 2020 and in Colombia and El Salvador from 30 March 2020. It says that it has moved its 2020 strategic focus to ‘inventory reduction and sustained US cement growth.’

Mexico: Elementia has announced the death of its board member Jaime Ruiz Sacristán who died on 12 April 2020. The company said that Sacristán worked with ‘tireless dedication’ at the company for 20 years to ‘build Elementia, contributing knowledge, talent and direction.’

During a distinguished career, Sacristán held positions such as president of the board of directors of the Mexican Stock Exchange, president, partner and founder of Grupo Financiero Ve por Más and president of the Mexican Association of Bankers. He was also a member of the board of directors of numerous companies in the financial, industrial and commercial sectors.

Francisco del Valle Perochena, chairman of the board at Elementia said, “I am very sad to report the death of a great man and friend. He will always be present in our lives and in our hearts. He leaves us an invaluable legacy as a professional and as a great human being. His temperance, wisdom, good sense and prudence are just some of the great qualities that we admired and respected in him.”

Colombia/El Salvador/US: Mexico’s Elementia has stopped operations in El Salvador and Colombia to stop the spread of coronavirus in line with local government recommendations. It expected to resume operations in mid-April 2020. However, this may be modified based on ‘successful virus containment.’ However, it intends to continue operations in the US as the government has declared its industry as ‘essential.’ It added that it is maintaining all necessary sanitary measures to minimise transmission of the virus.