Displaying items by tag: Sale

Switzerland: Holcim’s consolidated sales rose by 16% year-on-year to Euro18.7bn in the first nine months of 2021 from Euro16.1bn in the first nine months of 2020. The company’s recurring earnings before interest and taxation (EBIT) rose by 33% to Euro3.3bn from Euro2.48bn. Its operating profit rose by 38% to Euro3.11bn from Euro2.26bn.

The group increased its cement sales by 7.8% to 150Mt from 139Mt. Volumes in Asia Pacific were 51.7Mt, up by 17% from 44.2Mt; volumes in Europe were 35Mt, up by 4.1% from 33.7Mt; volumes in Middle East Africa were 27.2Mt, up by 11% from 24.5Mt; volumes in Latin America were 20.5Mt, up by 18% from 17.3Mt and volumes in North America were 15.1Mt, up by 1.5% from 14.9Mt.

CEO Jan Jenisch said “I’m pleased that we have achieved a record quarter of profitable growth once again. I congratulate my teams for their exceptional resilience as they continue to successfully navigate the challenges posed by the pandemic in a dynamic business environment. On the back of their performance we have revised our recurring EBIT growth guidance from 18% to at least 22% on a like-for-like basis.” He continued “Most importantly, our colleagues have kept their focus on our key long-term value creation drivers to become the global leader in innovative and sustainable building solutions. We are picking up momentum in our strategic portfolio transformation, with the divestment of our business in Brazil, the announcement of nine bolt-on acquisitions so far this year and the expansion of our Firestone GacoFlex range from Mexico to Colombia and Ecuador.”

Thailand: Siam Cement Group (SCG) has received approval for the issuance and offering of debentures up to US$2.97bn in its subsidiary SCG Chemicals. Reuters News has reported that the group is offering the shares under a medium-term note programme.

Australia: Boral has sold its roofing and masonry business to private equity firm Lutum. Quarry Magazine has reported that Boral will retain ownership of its Emu Plains, New South Wales, concrete roofing plant and other ‘relevant infrastructure’ to support its on-going building materials operations.

Australia: Boral has agreed to sell its roof tiles business to private equity company Lutum and other investors. The Australian newspaper has reported that the deal is part of Boral’s exit out of building materials markets in Australia.

Oman: The government is reportedly considering selling its majority stake in Oman Cement. Unnamed sources quoted by Bloomberg say that the authorities have been discussing the matter with financial advisors but that no final decision has been reached. The government owns a 54% stake in the cement producer through the Oman Investment Authority.

In separate reporting, Oman Cement Company has postponed its proposed US$250m Duqm cement plant project while it confirms the availability of fuel. In March 2021 the cement producer issued a tender for a related power plant project, according to the Muscat Daily newspaper. The proposed plant will have a clinker production capacity of 5000t/day.

Paraguay: Argentina-based Loma Negra has sold its 51% stake in Yguazú Cementos. The El Cronista Comercial newspaper has reported that the proceeds of sale of the 0.8Mt/yr installed cement production capacity subsidiary will go towards paying off Loma Negra’s debts. The company said, “Loma Negra’s objective is to seek and execute projects with high potential. For this reason, after having started marketing operations in Paraguay in 2000, built and operated the factory since 2013 and reached high standards of production and profitability, we have finally decided to finalise its sale.”

Yguazú Cementos sold 260,000t of cement in the first half of 2020, down by 6.8% year-on-year from 267,000t in the first half of 2019. This generated revenues of US$25.4m, up by 39% from US$18.3m and constituting 12% of Loma Negra’s total sales of US$212m over the period. The company valued the asset at US$80m on 30 June 2020. The buyer is a Paraguayan company reportedly connected to remainder shareholder Intercement.

Yguazú Cementos’ 0.4Mt/yr Ascunsción cement plant in Capital District and 0.4Mt/yr Villa Hayes cement plant in Presidente Hayes Department supplied 40% of Paraguay’s cement demand in 2019.

Philippines: LafargeHolcim’s sale of its 86% stake in Holcim Philippines to San Miguel Corporation for US$2.15bn has fallen through after the Philippines Competition Authority (PCC) failed to approve the deal within 12 months of its conclusion. Reuters News has reported that the agreement, dated 10 May 2020, covered the exchange of four integrated plants and one grinding plant. LafargeHolcim has been divesting assets to pay off debt. The sale of its Holcim Philippines stake would have completed its withdrawal from the South-East Asia market, where its operations across Indonesia, Malaysia, Singapore and the Philippines had been valued at US$4.90bn.

LafargeHolcim has said that three of its four integrated Philippines cement plants have been able to resume operations following the lockdown due to the coronavirus outbreak. It says that it will ‘focus on strengthening operations in the Philippines.’

Taiwan: Asia Cement Corporation has announced its collaboration with Germany-based energy company Innogy on construction of a 448MW wind power plant off Taiwan’s north-west coast near Hsinchu City. Renewables Now has reported that Asia Cement Corporation will supply cement for the project, which will see power sold to the national grid.

Innology, which has participated in the construction of offshore wind plants with a total capacity of 2500MW in Europe, opened its first Taiwan office in 2018.

Thailand: The coronavirus pandemic has caused Siam Cement Group (SCG) to postpone its initial public offering (IPO) for 30% of its packaging subsidiary SCG Packaging at a value of US$1.0bn, which was reportedly due to take place in early 2020. Reuters News has reported that the company has yet to set a new date for the IPO.

Egypt: Germany-based HeidelbergCement subsidiary Suez Cement’s losses fell by 11% year-on-year to US$75.0m in 2019 from US$84.1m in 2018. Mubasher News has reported that sales also fell, by 13% to US$41m from US$0.47bn.

Suez Cement is seeking buyers for its 51% stake in Kuwait-based Hilal Cement.