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Displaying items by tag: Italy
Buzzi Unicem’s revenue grew by 5.2% in the first nine months of 2015
11 November 2015Italy: Buzzi Unicem's profit in the first nine months of 2015 grew to Euro120m from Euro51.4m in the same period of 2014. Its revenues increased by 5.2% year-on-year to Euro1.99m and its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose by 16.4% to Euro352m.
Buzzi said it sees good momentum of demand in the US, but suffered from 'remarkably lower results' in Ukraine and Russia, penalised by the depreciation of the local currencies. Deliveries were subdued in Central Europe, while in Italy cement consumption is still down.
For the whole of 2015, Buzzi confirmed that it expects its recurring EBITDA to improve to approximately Euro450m.
Italcementi and trade unions renew talks
16 October 2015Italy: Italian cement maker Italcementi and Italian trade unions are looking for a solution for the temporary lay-off scheme that will expire in January 2016.
At a meeting on 15 October 2015, the parties determined that it is not possible to extend the current temporary lay-off scheme and consequently they are studying alternatives that would allow wider coverage compared to the initial programmes.
In a statement the trade unions explain that one of the hypotheses could entail the use of the scheme for total cessation of the activities at the plants in Monselice and Scafa, already suspended for years, as well as the partial cessation for the plants in Castrovillari, Sarche di Calavino and Salerno that could be concluded in January 2017.
Besides, a temporary lay-off scheme may be decided for the remaining group's employees that could last until September 2017. The parties will meet again on 2 November 2015.
Bedeschi purchases US unit from Dearborn
25 September 2015Italy/US: Bedeschi SPA of Padua, Italy has announced the recent asset purchase of Bedeschi Mid-West Conveyor LLC (BMWC) from Dearborn Mid-West Conveyor Co, a leading provider of turnkey bulk material handling systems for the utility, mining, cement, fertilizer, refinery and marine terminal markets.
Founded in 1947 BMWC is located in Lenexa, Kansas, from where it designs, fabricates and installs bulk materials handling systems.
Rino Bedeschi, Managing Director of the Bedeschi Group said, "We are excited about BMWC becoming part of the Bedeschi Team. Having been in business for 107 years, we are sure the merger will serve our clients with a wider range of products and services with broader organisational capabilities for future domestic and international projects."
Italcementi sells minority stake in West China Cement for Euro39m
21 September 2015China/Italy: Italcementi has sold its 5.24% stake in West China Cement for Euro39m. The price is subject to further adjustment, the group said in an announcement on 18 September 2015. Italcementi has sold the stake through its CimFra Limited subsidiary in China, and said the transaction would have no impact on earnings before interest, tax, depreciation and amortisation (EBITDA) generation capacity at group level.
Buzzi Unicem makes binding bid for Sacci units
15 September 2015Italy: Buzzi Unicem has presented a binding offer to buy Sacci's cement and ready-mix concrete units as it pushes ahead with plans to play an active role in the consolidation of the construction materials sector in Italy, according to Reuters. In a statement, Buzzi said that it had offered a provisional price of Euro74m to be financed through liquidity on hand and / or existing credit facilities. A further variable outlay is expected on top of the original commitment, which will be worth no less than Euro25m. This variable outlay is connected to certain future events, most importantly the core earnings, earnings before interest, taxes, depreciation and amortisation (EBITDA), posted in Italy in the next four years.
Italy: Italcementi aims for 10% of its sales to be covered by innovative products in 2020, compared with 6.5% in 2014 and 1.5% in 2005, CEO Carlo Pesenti said during the conference for the presentation of biodynamic cement, which was used for the construction of the Expo 2015 building.
Germany/Italy: Italcementi's CEO Carlo Pesenti said that the acquisition of Italcementi by HeidelbergCement is expected to be completed in the first half of 2016, according to Dow Jones. September 2015 will be dedicated to speaking to European and national regulators to receive approval for the deal. Pesenti said that he will join the supervisory board of HeidelbergCement and plans to keep an active role in the company.
Italy: HeidelbergCement rushed to buy control of Italcementi after fears that Nigeria's Dangote Cement also showed interest in the Italian cement maker, according to PM News. It has been reported that Dangote did not make a formal offer for Italcementi.
Carl Franklin, head of investor relations at Dangote, said that the company did not comment on specific rumours, but said that "As a large company we examine all options for growth." HeidelbergCement has not commented on whether it had faced competition from Dangote.
According to unnamed sources, the talks between HeidelbergCement and Italcementi began four months ago.
Italcementi chief executive Carlo Pesenti told local media that the deal was 'bulletproof' and there was no space for counter offers. The only outstanding condition was clearance from antitrust authorities. "If it wasn't for the antitrust approval, the shares would have already changed hands," said an unnamed source.
Having already agreed to acquire a 45% stake of Italcementi, HeidelbergCement plans to obtain as many of the remaining shares as possible in the upcoming mandatory buy-out offer, then squeeze out the remaining shareholders and make Italcementi privately-owned.
Italy: Italcementi has reported a profit of Euro3.8m in the first half of 2015 compared to a loss of Euro79m in the same period of 2014. Its revenue rose by 6% to Euro2.17bn, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 5% to Euro324m. The company expects a slight improvement in operating results in the entirety of 2015.
Italy: The takeover by HeidelbergCement of Italcementi 'represents a form of military occupation,' according to political party Northern League leader Matteo Salvini on 29 July 2015.
In an interview with the League's radio station Padania Salvini, which is strongly opposed to European integration and the common currency, Salvini said that the HeidlebergCement purchase fit with the wider strategy of what he suggested was a 'German-led Eurozone takeover of Italy.'
"What the Germans were not able to do with tanks and with the Brownshirts, they're now able to do thanks to Soviet Europe," said Salvini during the radio call-in programme. "If these were free choices by free-market entrepreneurs, there would be no question. If they are chosen as constricted subsidiaries, in a Europe with a currency assembled to help the Germans, then they are part of a strategy of military occupation."