Displaying items by tag: GCW284
Kenyan cement consumption growth slows in third quarter of 2016
05 January 2017Kenya: Growth in consumption of cement has slowed to 5.3% in the third quarter of 2016 from 11% in the same period of 2015. The slowdown in growth mirrors a fall in growth in the construction sector, which grew by 9.3% in the third quarter of 2016 compared to 15.6% in the same period of 2015, according to data from the Kenya National Bureau of Statistics. It attributed the fall in growth in part to a ‘considerable’ reduction in civil work on the Standard Gauge Railway from Mombasa to Nairobi as it nears completion.
Trinidad & Tobago: The directors of Trinidad Cement have advised shareholders reject an offer by Cemex to take over the company. The cement producer issued a circular to its shareholders in late December 2016 advising them that the offer by Cemex’s subsidiary Sierra Trading was ‘not fair’ from a financial point of view. Cemex released plans in early December 2016 to present an offer and take-over bid to Trinidad Cement’s shareholders that would, if successful, give it control of the company. The value of the offer was placed at US$89m and it expires on 10 January 2016.
Bunting Magnetics to acquire Master Magnets in UK
05 January 2017UK: Bunting Magnetics, a US company specialising in the magnet and magnetic equipment sector, has signed an agreement to acquire Master Magnets, a UK-based manufacturer of magnetic separation equipment. The Redditch-based firm produces magnetic separation, recycling and metal detection equipment to several industries worldwide including the mining, quarrying and aggregate sectors. No value or terms for the deal has been disclosed.
“Master Magnets has deep customer relationships in new markets for us such as mining, quarrying and aggregates. We are especially excited to now be able to offer a large range of ATEX approved electromagnets and mineral separation equipment,” said Simon Ayling, Managing Director of Bunting Magnetics Europe. Ayling will assume operations management responsibility of this new division following the purchase.
Master Magnets was founded in 1978 and currently has 26 employees. The company designs, manufacturers and services a line of industrial magnetic separation equipment including eddy current separators, permanent and electro magnets, including overband magnets, drum magnets and suspension magnets. The company also supplies a range of mineral separation equipment for customers around the world. The company will continue to operate out of its Redditch headquarters in the UK.