Displaying items by tag: subsidiary

Australia: James Hardie recorded sales of US$1bn in the first quarter of its 2023 financial year, up by 19% year-on-year from US$843m in the first quarter of its 2022 financial year. Its net profit was US$163m, up by 34% from US$121m. The group increased its North America fibre cement board sales by 28% to US$740m, its Asia Pacific fibre cement board sales by 9% to US$140m and its Europe building products sales by 7% to US$112. James Hardie launched its new European subsidiary James Hardie Fiber Cement Europe during the quarter.

James Hardie lowered its full-year adjusted net profit forecast to US$730 – 780m from US$740 – 820m. Interim chief executive officer Harold Wiens said "The current calendar year has seen the macro-economic environment change around us quite significantly, with unprecedented levels of inflation, global supply chain disruptions and a war in Europe. The current macro-economic environment is not only creating uncertainty for the housing markets in all three regions we do business in, but it is also putting pressure on our fiscal year 2023 financial results due to increased input and freight costs. That said, we are confident we will be able to deliver growth above market and strong returns in fiscal year 2023, and that is reflected in our updated guidance we provided today, which at its midpoint represents 22% growth in adjusted net income versus the prior year."

Philippines: Siam Cement Group has established a subsidiary to provide logistics services for its business in the Philippines. Reuters News has reported that the group has injected US$205,000-worth of investment into the company.

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.

India: The government of Andhra Pradesh will subsidise the purchase of cement for 122,000 new houses in rural Guntur district under its Housing for All scheme. The Hans India newspaper has reported that builders have laid the foundations of 14,000 of the properties, and will have completed a further 46,000 by the end of the working day on 9 July 2021. District revenue collector Vivek Yadav said that the administration will announce further housing projects under the scheme after builders complete 116,000 units.

Philippines: LafargeHolcim subsidiary Holcim Philippines has announced plans to merge with its subsidiaries Bulkcem Philippine Incorporated and MabiniGrinding Mill Corporation. The Philippine Star newspaper has reported that the board has approved the planned merger, and that a special stockholders’ meeting will take place on 15 January 2021 to finalise the transactions.

Bulkcem Philippine Incorporated leases the Iloilo cement terminal in Western Visayas, while MabiniGrinding Mill Corporation leases the Mabini grinding plant in Calabarzon.

The board also approved the dissolution of Holcim’s Business Service Center, HuBB Stores and Services and British Virgin Islands-based WellBorne Group International.

Poland: Denmark-based chain specialist ScanChain has announced that it will be producing and distributing chains from a new facility located in Poznan in the province of Greater Poland. The company says it has ended its partnership with a partial ownership by UK-based John King Chains.

Scan Chain said “Over the past three years we have seen a great growth in new markets. We are pleased that both ScanChain and John King Chains wish to establish a strong link going forward.”

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.

US: Mexico-based Cemex has confirmed that its 75% subsidiary Kosmos Cement, which it holds jointly with a subsidiary of Italy-based Buzzi Unicem, has completed the sale of its 1.7Mt/yr integrated Louisville plant to Eagle Materials for US$665m. Cemex says that it will receive US$499m in proceeds from the sale.

Africa: German-based lubricants supplier Fuchs has taken over direct ownership of 50% of three distribution subsidiaries of its regional subsidiary Fuchs Southern Africa. The companies are based in Zambia, Zimbabwe and Mozambique. The acquisitions will support Fuchs’ aim of increasing its supply to African markets, according to Fuchs executive board chairman Stefan Fuchs. "Investment in a state of the art, fully automated grease manufacturing plant which opened in Isando, Johannesburg, in 2018” signifies the company’s commitment to sustainable social development of the continent, said Fuchs, adding, “Further plant expansions are already being planned.”

Saudi Arabia: Najran Cement’s board of directors voted on 27 November in favour of the establishment of limited liability transport company. Due to market conditions, the new subsidiary will not be incorporated until 30 June 2020. Najran Cement did not confirm the size of the investment in its statement.