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Displaying items by tag: corporate

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Holcim elects Jan Jenisch’s successor

14 May 2025

Switzerland: Holcim shareholders have elected Kim Fausing as the Chair of the group’s board of directors, succeeding Jan Jenisch, who will become chair and CEO of the group’s North American spin-off, Amrize. Other appointments include the election of Adolfo Orive and Sven Schneider as new Holcim board members.

Fausing has served on Holcim’s board since 2020. He is CEO of Danfoss, a Denmark-based supplier of heating and cooling, motor and electronics technology, and Deputy Chair of Germany-based SMA Solar Technologies, and previously held senior roles at Liechtenstein-based tooling company Hilti and Denmark-based windows producer VELUX. He holds an Executive Master’s of Business Administration from Henley Business School in the UK and a master’s degree in Mechanical Engineering from Aarhus Tech, Denmark.

Holcim's spin-off of its North American business, Amrize, is scheduled to be completed by the end of June 2025. Amrize shares are due to list on the SIX Swiss Exchange the New York Stock Exchange as AMRZ.

Fausing said “As Chair and CEO of Holcim for over seven years, Jan has made Holcim a leading company in its financial performance, sustainability, innovation and culture. I extend our deep thanks to Jan for his outstanding accomplishments.”

Published in People
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Khayah Cement stakeholder and creditors to meet on 19 February 2025 amid financial troubles

03 February 2025

Zimbabwe: Khayah Cement has begun corporate rescue proceedings with appointed supervisor Grant Thornton (Zimbabwe). The Sunday News has reported that the company is in financial trouble following equipment failures affecting its vertical roller mill. Grant Thornton (Zimbabwe) has called a meeting of Khayah Cement’s stakeholders and creditors in Harare on 19 February 2025. The rescue process aims to remove the need for liquidation.

Khayah Cement switched over from integrated to grinding-only production in 2023.

Published in Global Cement News
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Raising money for the cement business in the US

15 January 2025

Holcim revealed the board members for its proposed North America business this week. Former group CEO Jan Jenisch was confirmed as the designated chair and CEO. He will be joined by nine directors chosen from sectors including construction, manufacturing, industrial operations and financial services. Notably, current Holcim director Jürg Oleas will be joining Jenisch at the new company. He previously worked as the head of GEA Group and had senior stints at ABB and the Alstom Group.

The group’s decision to split its business in North America from that in the rest of the world has been presented as a piece of financial engineering designed to increase earnings, margins and increase the value of the business. Markets in the US and Europe have diverged in recent years, with the former growing and the latter slowing in comparison. Splitting the business should, in theory, allow both companies to grow at their own pace. However, the spin-off company in North America will remain linked to Europe as it will be listed at both the New York Stock Exchange and the SIX Swiss Exchange. The latter is for the benefit of European investors. The separation is expected by the end of the first half 2025, subject to shareholder and customary approvals.

Naturally, other companies are also chasing growth in North America. Titan Cement announced this week that its US-based subsidiary, Titan America, has filed a registration statement with the Securities and Exchange Commission as part of a proposed initial public offering (IPO). Yet, the company said that the offering is subject to market conditions. As such it couldn’t say when it might happen, how big it might be or much else. Back in May 2024 the group said it was going to list Titan America in the US to “...facilitate the group’s and Titan America’s future growth and unlock new opportunities.” The IPO was intended to be of a minority stake without creating any large-scale tax issues. At this time the transaction was planned to be completed in early 2025.

Titan’s sales share in North America has remained similar from 2018 to 2023 at around 55%. Holcim’s, by comparison, grew to 39% in 2023 from 22% in 2018. This is due to big acquisitions in the US such as Firestone Building Products in 2021 as it built up its lightweight building materials segment. The size of the two companies’ operations in North America are also different. Holcim reported net sales in the region of over US$11bn in 2023. Titan reported net sales of just under US$1.5bn.

Ireland-based CRH moved its stock market listings to the US earlier than both Holcim and Titan. It completed the transition of its primary listing to the New York Stock Exchange in mid-2023, although it too retains a listing in Europe, at the London Stock Exchange in its case. Yet analysts have started to wonder whether the company might spin-off its businesses outside the US. As reported by the Irish Times, Bank of America analysts reckon that the non-US parts of the company now represent only 16% of the US$82bn concern. For sanity’s sake this is still a US$10bn-plus sized company! Although other commentators did wonder why CRH might have bought assets in Australia in 2024 if it was seriously considering making changes on this scale anytime soon.

Despite all this attention on the US and North America by some of the multinational cement producers, it is worth remembering that markets change over time. Europe may not look so hot right now but it is unlikely to stay like this. The head of Heidelberg Materials, for example, said in early 2024 that his company wasn’t planning a split in the US because it was focusing on decarbonisation. This may prove prescient in the longer term if Europe sticks to its sustainability goals. FInally, the US isn’t the only place where cement companies are attempting to build their value in growth markets. It was also reported this week that JSW Cement had obtained approval from the Securities and Exchange Board of India to proceed with its IPO.

Published in Analysis
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Pharaon Investment looking to offload Attock stake

30 December 2024

Pakistan: Lebanon's Pharaon Investment Group Limited is reportedly considering the sale of its 84% stake in Attock Cement Pakistan, according to Pakistan Today. The holding company recently announced that it was re-evaluating its long-term strategic options in Pakistan, which also include Attock Petroleum, Attock Oil Company and Attock Refinery.

Attock Cement has been 'battered' by low demand in the Pakistani cement industry in recent years, following a period of expansion in the early 2010s. It produced 0.31Mt of cement in the first quarter of the 2025 financial year (to 30 September 2024), an 11% year-on-year fall from 0.35Mt a year earlier.

Published in Global Cement News
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Grupo Sura and Grupo Argos to spin off

27 December 2024

Colombia: Grupo Argos and finance conglomerate Grupo Sura have signed a spin-off agreement to dispose of their cross-shareholdings. This includes Grupo Argos subsidiary Cementos Argos’ stake in Grupo Sura. Grupo Argos will continue to focus on building materials and allied sectors.

President Jorge Mario Velásquez of Grupo Argos said “The cross-shareholding structure has far exceeded its objective: Grupo Argos consolidated its presence across the Americas, achieving compound annual growth of 21% in shareholder equity over the past 46 years and positioning Cementos Argos, utilities provider Celsia and construction firm Odinsa as regional leaders in their sectors. The simplification of the shareholding structure and portfolio will become another significant milestone in the disclosure and transfer of value to all Grupo Argos shareholders.”

Published in Global Cement News
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Hanson Australia changes name to Heidelberg Materials Australia

12 November 2024

Australia: Hanson Australia has changed its name to Heidelberg Materials Australia as part of parent company Heidelberg Materials’ global rebranding strategy.

The company started in 1949 when Pioneer was established as a ready-mix concrete producer. It was later acquired by Hanson in 2000 and rebranded as Hanson Australia in 2004. Hanson was subsequently acquired by Heidelberg Materials in 2007. Heidelberg Materials began its global rebranding from Heidelberg Cement in September 2022. Hanson’s subsidiaries Hymix, Pioneer North Queensland, Placecrete, Traino, Alex Fraser and Suncoast Asphalt will continue to operate under their existing brands.

Published in Global Cement News
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Inmocemento to start trading shares in mid-November 2024

11 November 2024

Spain: FCC spin-off company Inmocemento plans to start trading shares on the Spanish Stock Exchanges from 12 November 2024. The cement and real estate business is expected to have a market value of €1.93bn, according to Reuters. FCC said in October 2024 that it had transferred related assets to Inmocemento. This included most of the assets from subsidiaries FCYC and Cementos Portland Valderrivas, in addition to FCC's cement plants and the share it owns in real estate developers Realia and Metrovacesa. All FCC shareholders received a number of shares in Inmocemento proportional to their holdings in FCC. Plans for the spin-off were first reported in May 2024.

Published in Global Cement News
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Quikrete approaches Summit Materials with acquisition offer

24 October 2024

US: Bagged concrete and cement mixes producer Quikrete has submitted an acquisition offer to cement, concrete and aggregates company Summit Materials. Summit Materials is reportedly valued at over US$7bn. The company confirmed to Reuters that its board is in initial discussions over a non-binding acquisition proposal.

Summit Materials combined its business with Cementos Argos subsidiary Argos USA in January 2024.

Published in Global Cement News
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Holcim reportedly considering dual US/Swiss listing of North American business

18 October 2024

Switzerland/US: Holcim may list its upcoming market-separated North American business both in the US and Switzerland, Bloomberg has reported. The possibility arose due to Swiss and European restrictions on foreign shareholdings for locally-based funds, which may result in sales of Holcim stocks, with negative price impacts. On the other hand, a dual listing could potentially reduce the liquidity of any future US-listed shares.

SeeNews has reported that Holcim North America will be headquartered in Zug, Switzerland, for tax ‘advantages,’ while operating out of Chicago, US.

Published in Global Cement News
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Board of Al Jouf Cement Company recommends against capital increase

31 July 2024

Saudi Arabia: Al Jouf Cement Company's board has overruled its previous recommendation to increase the company’s capital in order to settle financial obligations. Mist News has reported that the board based its latest decision on its successful rescheduling of loans with Alinma Bank and SAB, increased sales and the success of cost reduction initiatives.

Al Jouf Cement Company additionally filed a complaint with the Saudi Arabian Capital Market Authority against three former board members. The company’s accusations against the former board members include that they allegedly forged the vice chair’s signature, made investments for purposes not designated by the company’s articles of association, lost investments worth US$36.3m, failed to obtain approval for transactions with related parties and misled the company and its shareholders about investments and losses.

Published in Global Cement News
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