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News GCW309

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UltraTech Cement seals the deal

05 July 2017

Congratulations are due to India’s UltraTech Cement this week for finally completing its US$2.5bn asset purchase from Jaiprakash Associates. The deal has been around in some form or another since at least 2014 when UltraTech arranged to buy two cement plants in Madhya Pradesh for around US$750m. That deal, publicly at least, became a victim of the 2015 amendment to India’s Mines and Minerals (Development and Regulation) (MMDR) Act. The Bombay High Court eventually rejected it in early 2016 after a period of delays. However, the deal bounced back in a much larger form around the same time and since then everything has gone relatively smoothly.

As chairman Kumar Mangalam Birla put it in his letter to shareholders in the company’s 2016 – 2017 annual report the, “move is essentially for geographic market expansion.” He then went on to mention all the usual keywords like ‘synergy’ and ‘economies of scale’ that you expect from an acquisition. Quite rightly he finished with, “It is with great pride that I record, that UltraTech is the largest cement player in India and the fifth largest on the world stage.” On that last point he meant outside of China but UltraTech does have a small number of assets outside of India, notably in the UAE, Bahrain, Oman and Bangladesh, hinting at an international future for the cement producer.

Map 1: UltraTech Cement’s plants in India. Source: UltraTech Cement Corporate Dossier, January 2017.

Map 1: UltraTech Cement’s plants in India. Source: UltraTech Cement Corporate Dossier, January 2017.

To give a scale of the deal, UltraTech has increased its number of integrated cement plants in India to 18 from 12 and its cement grinding plants to 21 from 16. Its overall cement production capacity will increase by nearly 40% to 91.4Mt/yr from 66.3Mt/yr. The new assets are in Himachal Pradesh, Uttar Pradesh, Uttarakhand, Madhya Pradesh and Andhra Pradesh. The main regions that will benefit are the North, Central and South zones. In particular the Central Zone will see its capacity jump to 21.1Mt/yr from 6.2Mt/yr. This area also includes a new 3.5Mt/yr plant at Dhar in Madhya Pradesh that is scheduled for commercial production in late 2019.

The completion of the Jaiprakash Associates deal was followed by the introduction at the start of July 2017 of the Goods and Services Tax (GST), a rationalisation of some of the country’s central and state taxes. UltraTech promptly said it had reduced its product prices by 2 – 3% in light of tax reductions under the new regime. Some producers were warning of a rise in cement prices in the run-up to the introduction of the GST and the Cement Manufactures’ Association said that the new tax rate was insufficient. However, UltraTech said that the new tax rate of 28% was better than 30 – 31% previously. Other Indian producers also reduced their prices this week following the introduction of the GST.

UltraTech’s expansion and the start of the new tax scheme auger well for the Indian cement industry in 2017. Demonetisation knocked cement production at the start of the year and it may have lowered UltraTech’s capacity utilisation rate as well as reducing domestic sales by cutting housing demand. However, sector rationalisation and a simpler tax approach should help to remedy this. Not all government interaction has been helpful to the cement industry in recent years as the MMDR amendment and demonetisation show but the signs are promising.
Roll on the next set of financial reports.

Published in Analysis
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Qi Shengli and Yang Kaifa resign from Anhui Conch Cement

05 July 2017

China: Qi Shengli has resigned as a supervisor and the chairman of the supervisory committee from Anhui Conch Cement. His resignation will take effect upon the appointment of a successor. The recruitment process is continuing at present.

Yang Kaifa has resigned as a company secretary. Chiu Pak Yue Leo remains a company secretary. Zhou Bo, an executive director and chief accountant, will aid him. A new company sectary to replace Yang is being recruited.

Published in People
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Lucky Cement appoints Muhammad Irfan Husain Chawala as chief finance officer

05 July 2017

Pakistan: Lucky Cement has appointed Muhammad Irfan Husain Chawala as its Chief Finance Officer and director of finance. He succeeds Muhammad Faisal. Previously Chawala was the company secretary of the cement producer. Faisal Mahmood will succeed him in this role.

Published in People
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Prism Cement appoints Raveedra Chittoor as a director

05 July 2017

India: Prism Cement has appointed Raveedra Chittoor as an additional director to its board. Chittoor holds a post graduation qualification from the Indian Institute of Management in Ahmedabad and is a Fellow of Management from the Indian Institute of Management in Calcutta. He has 12 years of industry experience in corporate finance and investment management. Chittoor is currently an associate professor at the Gustavson School of Business at the University of Victoria in Canada. Prior to this he taught at the Indian School of Business in Hyderabad and the Indian Institute of Management in Calcutta.

Published in People
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Aggregate Industries appoints Pablo Libreros as Growth and Innovation Director

05 July 2017

UK: Aggregate Industries has appointed Pablo Libreros as its Growth and Innovation Director. He will be responsible for developing, recommending and delivering growth and innovation opportunities for the business. This will include facilitating greater cross promotion of products both in the UK business and in the wider group.

Libreros joins the UK subsidiary of LafargeHolcim after working for the parent company in Latin America since 2011. Most recently he was the chief executive officer (CEO) for Holcim Costa Rica. Prior to this he held various senior roles, including Logistics Director and Supply Chain Director within the business’ Brazil division. He has also worked in a number of ecological public sector positions in Paris, most notably as an advisor to the Minister for sustainable development in France.

Published in People
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Caterpillar makes changes to material handling and mining leadership

05 July 2017

US: Caterpillar has announced a number of personnel changes to its Material Handling & Underground (MH&U) and Surface Mining & Technology (SM&T) divisions. Karl Weiss, vice president of the Earthmoving Division, will become vice president of MH&U following the retirement of Doug Hoerr. Jean Savage, Chief Technology Officer and vice president of the Innovation & Technology Development Division, will become vice president of SM&T following the transfer of Tom Bluth to a new internal position. All of these changes will take effect on 1 August 2017.

Weiss joined Caterpillar in 1992 and has had various assignments within product development at Caterpillar’s Decatur, Joliet and Aurora, Illinois, facilities, primarily focused on large machine structural design. Later he worked in Beijing, China as the wheel loader product manager for the Asia Pacific Region. He then was named the worldwide product manager for medium wheel loaders in Aurora before being named Earthmoving vice president in 2013. Weiss graduated from Purdue University with a degree in agricultural engineering and an MBA from Northern Illinois University.

Savage was formerly senior vice president and Chief Operating Officer of the Locomotive and Railcar Services business unit for Caterpillar subsidiary Progress Rail Services (PRS). Savage joined PRS in 2002 as vice president for Quality and Continuous Improvement. She also served as vice president of PRS’ Freight Car Repair, Parts and Quality Divisions before her most recent position. Prior to joining PRS, she worked in a variety of manufacturing and engineering positions in her 14 years at Parker Hannifin Corporation. That was preceded by nine years in the Army Reserves as a military intelligence officer. Savage has an electrical and computer engineering degree from the University of Cincinnati and a master’s degree in engineering management from the University of Dayton.

Published in People
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HarbisonWalker International elects Carol Jackson as chairman and chief executive officer

05 July 2017

US: The board of directors of HarbisonWalker International (HWI) has elected Carol Jackson as its chairman and chief executive officer (CEO) following the retirement of Stephen Delo. He will assume the new position on 1 July 2017. Jackson currently works as senior vice president and general manager at HWI.

Delo was the chairman and CEO at HWI for three and a half years. During his tenure the company combined three US refractories companies together and rebranded them as HWI. Previously, he held several roles at Honeywell International, including positions in chemicals, operating systems, and integrated supply chain.

Published in People
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Lindner appoints four new members to international sales team

05 July 2017

Austria: Lindner has appointed four new members of its international sales team to cover the Americas and Asia. Christopher Howard has become the general manager for Lindner America covering the shredder manufacturer’s North American operations. Jeff Wolfe has become the sales manager for Lindner America’s Waste Division. Frederico Hartmann has responsibility for the company’s plastics division in Latin America. Gerhard Gamper becomes a sales manger in the Waste Division for Asia.

Published in People
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LafargeHolcim launches Euro100m upgrade at Martres cement plant

05 July 2017

France: LafargeHolcim has launched a Euro100m upgrade to build a new clinker production line at its Martres cement plant in Tolosane. Construction work on the new line will start in the third quarter of 2018 and will be completed in mid-2020. A key feature of the upgrade will be a focus on using alternative fuels in the new kiln, particularly tyres. Following the project’s completion the plant will have a substitution rate of 80% from 30% at present.

The project, the largest investment made by the group in France for 40 years, is part of a wider package of Euro300m for France that the company announced in 2016. Tenders for the project at Martres will be issued in early 2018. LafargeHolcim has also made a point of saying that priority will be given to local, French and European companies. Previously the French media published concerns that the project might be awarded to a Chinese contractor.

Published in Global Cement News
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Siam City Cement to invest up to US$50m on Vietnam plants

05 July 2017

Vietnam: Siam City Cement Vietnam plans to invest up to U$50m on its cement plants in the next six to 12 months. The Thai-owned cement producer purchased Holcim Vietnam in March 2017, according to the Saigon Times Daily newspaper. It operates plants in Kien Giang, Ba Ria-Vung Tau and Dong Nai provinces and in Ho Chi Minh City.

Published in Global Cement News
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