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News GCW320

Displaying items by tag: GCW320

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Cementir Holding leaves the Italian cement industry

20 September 2017

We said to expect more consolidation in Italy. Well, today it happened. Last time Global Cement Weekly covered the country, in June 2017, it reported upon the Buzzi Unicem deal to buy Cementizillo. Today, HeidelbergCement announced that it is going to buy Cementir Italia from Cementir Holding for Euro315m.

Our first reaction is that the deal seems cheap. The agreement covers five integrated cement plants and two cement grinding plants with a total capacity of 5.5Mt/yr, as well as the network of terminals and concrete plants. HeidelbergCement is buying all of this for Euro57/t. This suggests a downward trend given that Buzzi Unicem paid Euro80/t for the Cementizillo units in mid-2017. Although, Cementir only paid Euro38/t when it purchased Sacci in mid-2016.

Cementir’s acquisition of Compagnie des Ciments Belges (CCB) boosted its sales revenue, volume and operating profit in 2016 and in the first half of 2017. However these figures suffered on a like-for-like basis due to falling revenue in Turkey and Malaysia. Overall revenue rose in Italy for the company in 2016 due to a growing ready mix concrete business. However, with this removed, its sales revenue would have fallen by 14% year-on-year due to a 13.5% decrease in the sales volumes of cement.

Cementir Holding chief executive officer (CEO) Francesco Caltagirone has framed the sale of Cementir Italia in terms of improved financial leverage. He’s placed it at close to 0.5x by the end of 2018. This, he says, will allow the group to “…take the opportunities arising in the future, as it has happened during the last twelve months.” By this he likely means the purchase of CCB. Given the low cost for what Cementir picked up the bankrupt Sacci, it makes one wonder whether their plan all along was to leave Italy and they just happened to pick up a bargain along the way.

Meanwhile, HeidelbergCement has framed its acquisition in terms of preparing its presence in the Italian market for the future when the recovery kicks in. The usual talk about synergies is also there and Italian workers for both Italcementi and Cementir Italia will be wondering what this means for their jobs. Given that the group’s overall sales have struggled to grow so far in 2017, the company may be telling the truth when it says it’s banking on the medium to long term in Italy. After all, in its half-year report for 2017, it described the Italian economy as subdued and reported cement sales volumes as ‘stable.’

Once the deal completes, Cementir Holding will be an Italian-based cement company without any production facilities in Italy. Unless the group is planning to re-enter its home market at a later date, it does suggest a certain lack of confidence at home. Let’s see if HeidelbergCement has the nerve to stick it out.

Published in Analysis
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Brian Schudiske appointed as chief executive officer of CTLGroup

20 September 2017

US: CTLGroup has appointed Brian Schudiske as its president and chief executive officer (CEO). He succeeds Timothy Tonyan.

Schudiske has held leadership roles over the last 20 years, in areas such as manufacturing, supply chain, operations, and engineering management. He holds a Bachelor of Science and Master of Science in Environmental & Public Health from the University of Wisconsin-Eau Claire. Prior to joining CTLGroup, Schudiske was General Manager, US Materials and Manufacturing, for SGS North America where he provided operational and sales leadership for the Metallurgical Engineering and Testing business in the US and was credited for delivering new business as a result of innovative growth and sales strategies.

Tonyan will remain as chief operating officer and continue to focus his efforts on firm-wide business and client development, project management and leadership promotion.

CTLGroup is a subsidiary of the Portland Cement Association. It operates as a consulting and testing company for a variety of markets including the cement industry.

Published in People
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Mike Pearce appointed as chief executive of Breedon Southern

20 September 2017

UK: Mike Pearce has been appointed as the chief executive for the Southern division of Breedon Group. He is currently managing director of the Aggregates division of Aggregate Industries Limited (AI). Pearce will take up the position in 2018, joining Breedon’s executive committee and succeeding Tim Hall, who will be leaving the company at the end of September 2017. In the interim, the Southern division will be led by Colin Parke, who currently runs Breedon Southern’s Central region, reporting to group chief executive Pat Ward.

Pearce was previously the commercial director for AI, coordinating strategic activities across its business divisions, whilse also managing the contracting division. He has been a member of AI’s executive committee since 2009, during which time he has been variously responsible for AI’s building products, ready-mixed concrete and asphalt businesses.

Published in People
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HeidelbergCement buys Cementir Italia

20 September 2017

Italy: HeidelbergCement’s subsidiary Italcementi has agreed to buy Cementir Italia from Cementir Holding for Euro315m. The acquisition includes all of Cementir Italia’s cement and concrete businesses including the subsidiaries Cementir Sacci and Betontir. The transaction is expected to be completed in early 2018 subject to approval by the Italian Antitrust Authority.

“Cementir Italia provides an ideal industrial and geographic fit that significantly improves our nationwide presence in Italy,” said Bernd Scheifele, chairman of the managing board of HeidelbergCement. “For Italcementi, the acquisition is a unique opportunity to grow and consolidate its position in the Italian market. We see strong recovery potential in southern Europe and especially in Italy over the coming years. With this acquisition we are very well positioned to create value through synergies, efficient processes, and the offer of high-quality and innovative products. The acquisition is part of our strategy of disciplined growth and increasing shareholder returns.”

Cementir Italia’s business includes five integrated cement plants and two cement grinding plants with a total capacity of 5.5Mt/yr, as well as the network of terminals and concrete plants, all operating in Italy. Italcementi will fully integrate the operations into its current network. Minimum annual run-rate cost synergies of Euro25m are expected to be achieved by 2020. The acquisition will be financed with free cash flow. HeidelbergCement intends to pay for the purchase with the disposal of ‘non-core’ assets.

Published in Global Cement News
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Akmenes Cementas terminal to open at Klaipėda in mid-2018

20 September 2017

Lithuania: Akmenes Cementas says that its new terminal at the port of Klaipėda will increase its exports to Scandinavia. At present the cement producer sends about 15% or 0.15Mt/yr of its output to the region, according to the Verslo Zinios newspaper. Once completed in the spring of 2018 the terminal will allow exports to be increased to 0.2Mt/yr.

Published in Global Cement News
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Algeria to stop cement imports in 2018

20 September 2017

Algeria: Mohamed Benmeradi, the minister of commerce, says that Algeria will stop importing cement in 2018. He stated on national radio that the country is producing enough cement and is now considering exports, according to the Liberté Algerie newspaper. The government is amending the import licence system to encourage local growth.

Published in Global Cement News
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Four killed in explosion at Rohri Cement plant

20 September 2017

Pakistan: At least four people have been killed at the Rohri Cement plant in Sindh whilst deactivating explosives. The fatalities included two law enforcement officers, a member of the bomb disposal squad and a worker, according to the Express Tribune newspaper. At least eight other people were also injured in the blast.

The police say that the victims were attempting to defuse around 2000kg of explosive material when it detonated accidentally. The explosives, designated for use in the plant’s quarry, had been dumped near the plant by its previous management.

Published in Global Cement News
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Four bidders shortlisted for purchase of Halla Cement

19 September 2017

South Korea: Four companies have been shortlisted to buy a full stake in Halla Cement. Asia Cement, Sungshin Cement, Aju Corporation and LK Investment Partners are all contenders for the sale, according to sources quoted by the Maeil Business Newspaper. Six investors submitted preliminary bids for the cement producer and Halla Cement’s largest shareholder Baring Private Equity Asia and its sales advisor Citigroup Global Market Securities Korea chose the final selection.

The shortlisted companies will have up to six weeks to conduct due diligence procedures before submitting final bids in early November 2017. The seller intends to pick a final bidder by mid-November 2017.

Baring Private Equity Asia and Glenwood Private Equity bought Lafarge Halla Cement from LafargeHolcim in mid-2016 for Euro427m.

Published in Global Cement News
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Industria Nacional de Cemento installs new cement mill

19 September 2017

Paraguay: Industria Nacional del Cemento (INC) has installed a new cement mill at its Villeta plant. Once fully operational the new mill will produce up to 80t/hr of a new product, CPC-40, according to the Hoy website. The cement producer aims to increase production by 45% by the end of 2017.

Published in Global Cement News
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India Cements orders mill system from FLSmidth

19 September 2017

India: FLSmidth has signed a contract to deliver an OK 52-4 cement mill system for India Cements’ Shankar Nagar plant in Tamil Nadu. The engineering company will carry out the system engineering, procurement and supply machinery for a cement production capacity of 200t/hr of Ordinary Portland Cement at 3500 Blaine. The supply also includes a ROKSH 82 separator and gear units from FLSmidth product company, MAAG Gear.

"This contract reflects the strong relations we have had with the India Cements for almost a decade and our extensive knowledge in the region. We are happy to partner with them again," said Country Head of FLSmidth India, Carsten Riisberg Lund.

The new mill will replace the existing ball mills at the plant. The contract is scheduled for completion by the end of 2018.

Published in Global Cement News
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