Displaying items by tag: US
Saint-Gobain to buy GCP Applied Technologies
08 December 2021US: France-based Saint-Gobain has entered into a deal to buy GCP Applied Technologies for around US$2.3bn. It said the move was a ‘decisive’ step in helping it to become a leader in construction chemicals with total sales of over Euro4bn. It is also expected to promote the group’s strategy as leader in light and sustainable construction. Saint-Gobain expects to conclude the deal by 2023 and will finance the acquisition through cash on its balance sheet.
Benoit Bazin, the chief executive officer of Saint-Gobain, said, “The acquisition of GCP is an excellent and significant step for Saint-Gobain to further reinforce its worldwide leadership in construction chemicals and strengthen its geographic presence in North America and emerging markets, both objectives being at the core of our ‘Grow & Impact’ strategic plan.” The proposed purchase follows Saint-Gobain’s acquisition of Chryso, another constructions chemicals company, for Euro1.02bn in October 2021.
GCP Applied Technologies is a global producer of specialty construction chemicals with approximate revenues of US$1.0bn/yr, 50 manufacturing plants in 38 countries and it employs around 1800 employees. It manufactures cement additives, concrete admixtures and products for infrastructure and commercial and residential waterproofing.
US: Australia-based Boral has agreed to sell its US fly ash business to Eco Material Technologies for US$755m. The parties expect to conclude the transaction by the start of 2023. The proceeds of the sale will add to Boral’s surplus capital.
Boral’s chief executive officer Zlatko Todorcevski said “Together with the sale of our North American building products business and our stake in Meridian Brick, we will have divested the North American businesses for more than US$3bn.” He added “This is a significant milestone that supports our strategy to refocus on our construction materials business in Australia.”
Cementos Argos to launch US initial public offering
07 December 2021US: Cementos Argos plans to begin trading publically in mid-late 2022 with the launch of an initial public offering (IPO) on the New York Stock Exchange.
The company said “The listing in the US will contribute to the purpose of fully capturing the business value of the company, optimising the capital structure and obtaining the necessary resources to continue executing the growth strategy that the company plans to achieve in that country as a result of the recent approval of the Bipartisan Infrastructure Law for US$1tn and the positive cycle expected for the construction materials industry in the residential, commercial and civil works segments during the next 10 years.”
ASGCO launches Grizzly Screw-Splice splicing and fastening system
07 December 2021US: ASGCO has launched its Grizzly Screw-Splice, a conveyor belt splicing and fastening system. The splice is available in various rubber compounds with a tensile strength of up to 1650PIW. The supplier says that the product is stronger, wears less and has a lower-profile silhouette than traditional metal fasteners for conveyor belts. It features self-tapping and self-drilling screws that uphold the toughness of the conveyor belt by passing through the belt carcass instead of creating holes.
Cemex USA sells headquarters
29 November 2021US: Cemex USA has sold its headquarters in West Palm Beach, Florida for US$13.4m. The South Florida Business Journal newspaper has reported that the company will vacate the property in early 2022. It will relocate to a nearby smaller office. Cemex USA has occupied its current headquarters since 1983. According to sources quoted by the newspaper, it no longer requires the 20,000m2 space due to increased rates of remote working by staff.
Vicat agrees Euro250m financial agreement
24 November 2021France/US: Vicat Group has signed a Euro250m financing agreement taking the form of a private placement with US investors. The first tranche of the agreement covers Euro100m, with a maturity of 10 years, at a fixed rate of 1.27%. The second tranche is for Euro150m, with a maturity of 15 years, at a fixed rate of 1.57%. The group says it will use the funding to strengthen the liquidity of its balance sheet, extend the overall maturity of its debt and reduce its average debt ratio.
US: The Environment Protection Agency (EPA) has fined Lehigh Cement’s Mason City plant in Iowa US$198,000 for alleged violations of the Clean Air Act. The agency alleges that the company exceeded Clean Air Act emissions limits, failed to submit required reports to the state and failed to conduct required testing of equipment. The EPA also determined that air pollution from the facility may affect nearby overburdened communities. Under the terms of the settlement with the EPA, Lehigh Cement is required to conduct additional air emissions testing to demonstrate ongoing compliance with the Clean Air Act.
Vicat presents its climate strategy
22 November 2021France: Vicat has reiterated its CO2 emissions reduction target of 55% between 1990 and 2030 and reaffirmed its 2050 carbon neutrality commitment. The company says that its will invest Euro800m in transitioning to lower-CO2 cement production between 2021 and 2030 in order to meet the 2030 target. It said that eight US and European cement plants with ‘limited decarbonisation standards’ currently generate 67% of its earnings before interest, taxation depreciation and amortisation (EBITDA).
Ravena residents complain about dust spill
22 November 2021US: Inhabitants of Ravena, New York, have reported a ‘gritty, sticky, dusty’ residue in areas of the town to mayor Bill Misuraca. The residents described the apparent dust spill as ‘more stubborn to remove’ than on previous occasions.
LafargeHolcim US, which operates the Ravena cement plant in the town, contacted the mayor about the issue, stating “We take all concerns and complains about the plant very seriously and aim to operate in a manner that causes zero harm to employees, contractors, customers, and most of all, local residents, in keeping with our core values.” It added "The plant will be working with the New York Department of Environmental Conservation (DEC) to collect data on the type and source of these materials."
LafargeHolcim US and Geocycle receive first delivery of coal ash under 6Mt recycling contract with CenterPoint Energy
17 November 2021US: LafargeHolcimUS and its subsidiary Geocycle have successfully completed a barge shipment of 2000t of reclaimed bottom ash and fly ash from a pond at CenterPoint Energy’s AB Brown coal-fired power plant at Evansville in Indiana. The delivery is the first under a new 6Mt multi-year coal ash recycling contract with the energy provider.
LafargeHolcim US will use the coal ash to replace clay and sand in cement production at its Ste. Genevieve cement plant in Missouri. The producer says that this will help to reduce the plant's consumption of raw materials. LafargeHolcim US and Geocycle have invested US$80m in infrastructure to extract, process, transport, store and recycle ash from the power plant. Geocycle has managed the on-going joint recycling initiative between LafargeHolcim and CenterPoint Energy since 2009.
LafargeHolcim US's chief executive officer Toufic Tabbara said “This milestone is a tangible example of how industry participants together can develop creative and efficient solutions that contribute to the circular economy. Together, LafargeHolcim, Geocycle and CenterPoint Energy will avoid landfilling for power plants and reduce the consumption of non-renewable raw materials. This is a clear win-win for people and our planet.”