Global Cement Newsletter

Issue: GCW546 / 02 March 2022

Headlines


Cement markets have mostly recovered following the shock emergence of coronavirus in 2020. Most of the producers that have released their results so far for 2021 have reported strong boosts to sales revenue and racing earnings as something more like normality resumed. The following roundup covers a selective group of cement companies around the world.

The recovery in 2021 has made the outliers in the companies covered here noteworthy. UltraTech Cement, Semen Indonesia and Dangote Cement are all large regional companies with dominant positions domestically and varying degrees of international spread. As can be seen in Graph 1, UltraTech Cement and Dangote Cement both reported very large increases in sales, over 20% year-on-year. By contrast, Semen Indonesia sales fell very slightly.

Graph 1: Sales revenue from selected cement producers in 2020 and 2021. Source: Company reports. Note: Figures calculated for UltraTech Cement.

Graph 1: Sales revenue from selected cement producers in 2020 and 2021. Source: Company reports. Note: Figures calculated for UltraTech Cement.

One reason for UltraTech Cement and Dangote Cement’s success can be seen in Graph 2 (below). Both companies managed to sell more cement in 2021. Semen Indonesia did not due to Indonesia’s production overcapacity and new competitors. It also blamed a significant rises in coal prices for a 9% drop in its earnings before interest, taxation, depreciation and amortisation (EBITDA).

UltraTech Cement has been wary of successive waves of coronavirus throughout its 2022 financial year, but generally the Indian regional markets have recovered and government-backed rural housing and infrastructure spending have supported growth. It did note rising coal prices earlier in the year, but these were reported to have somewhat softened during the quarter to 31 December 2021. It is worth noting that the ongoing war in Ukraine is affecting energy markets but more on this at the end of this article. Dangote Cement’s performance was slowed somewhat by the start of coronavirus but it has since resumed its turbo-charged trajectory with volumes, revenue and earnings growth all above 10% in 2021. Mostly this performance is supported by the Nigerian market but the company is doing well internationally too.

Graph 2: Cement sales volumes from selected cement producers in 2019 and 2020. Source: Company reports. Note: Figures calculated for UltraTech Cement.

Graph 2: Cement sales volumes from selected cement producers in 2019 and 2020. Source: Company reports. Note: Figures calculated for UltraTech Cement.

Holcim and HeidelbergCement’s increase in sales revenue in 2021 are actually fairly similar on a like-for-like basis, both with around 10%. The former’s sales volumes were up across cement, ready-mixed concrete and aggregates in each of its regions around the world, as were sales revenue. Holcim’s big move in 2021 has been the expansion of its Solutions & Products segment with the acquisition of Firestone in April 2021. Now this has continued with the completion of the Malarkey Roofing Products purchase on 1 March 2022, a few days after it released its 2021 results. Chief executive officer Jan Jenisch described the move towards lightweight building materials as generating, “further double-digit growth engines for the company.” As an aside, it was fascinating to see CRH leave the building envelope business this week, mostly based in the US, with an agreement to sell up its division for US$3.8bn to private equity. The business CRH is divesting sells architectural glass, storefront systems, architectural glazing systems and related hardware to customers primarily in North America. CRH is clearly pursuing a different business strategy to Holcim.

HeidelbergCement has also reported a strong year in 2021 albeit without the Holcim razzle-dazzle of barging into new market areas. It noted significant increases in energy prices and pandemic‐related lockdowns in some key markets in Asia. It described a very slight cement sales volume decline in Africa and the Middle East and a drop in earnings in Asia. Its trump cards are its carbon capture projects coming down the pipeline. It’s keen to remind investors about this with the unspoken implication that it might save the company money in the future when carbon taxes bite further.

Both Cemex and Buzzi Unicem followed the growth pattern seen in sales and earnings by the other larger multinational producers covered above. Central and South American markets really took off for Cemex in 2021, starting with its home market in Mexico. However, growth was present, although slower, in both its largest markets in the US and its Europe, Middle East, Africa and Asia region. Notably cement volumes in the Philippines grew by 7% and that’s even with the devastation caused by typhoons at the end of the year taken into account. Similarly, Buzzi Unicem performed well in 2021 due to growth in Italy, the US and Eastern Europe compensating for a small sales decline in Germany. As mentioned in Update on Ukraine, February 2022 Buzzi Unicem has particular exposure to the war in Ukraine as it operates two cement plants in Ukraine and two units in Russia but this is a problem for the 2022 financial year.

To finish on Ukraine, first and foremost, a human tragedy is unfolding. Yet the war also presents many economic challenges to financial markets through sanctions and counter-actions. A recession in Russia looks likely as do energy price surges in the US and Europe leading to further inflation and, perhaps, recessions too. All this potentially lies ahead. For now, the dilemma for US and European-based cement companies and suppliers with operations in Russia is reputational. Should they continue to do business in Russia as public opinion hardens and companies like BP, Shell, Equinor, HSBC and AerCap head for the exit? The Russian government has blocked foreign companies and individuals from selling shares locally but pressure looks set to intensify for such companies to do something.


Switzerland: Holcim has appointed Toufic Tabbara as Region Head North America and a member of the group executive committee. He succeeds René Thibault, who has decided to leave the company.

Tabbara was most recently working as the chief executive officer for US Cement. He joined the group in 1998 as Director Strategy & Development in the US and has led Holcim’s ready-mix concrete, aggregates and cement businesses in the US, Canada, Egypt, Jordan, Lebanon and Algeria.

He holds a Master of Business Administration from the Thunderbird School of Global Management in Arizona, US and a Bachelor of Business Administration from the American University of Beirut in Lebanon.


Brazil: Votorantim Cimentos has appointed Bianca Nasser as its chief financial officer (CFO) and investor relations director. She succeeds Osvaldo Ayres Filho, who will remain in the company as the Director of Cement, Logistics and Adjacent Business Operations.

Nasser worked for Petrobras from 2002 to 2019, eventually becoming the Executive Manager of Corporate Finance and Treasury. She subsequently became the CFO and investor relations officer at BNDES. She is a graduate in economics from the Universidade Federal do Rio de Janeiro and holds a master’s degree in administration and finance from the Pontifical Catholic University of Rio de Janeiro.


Turkey: Medcem has appointed Ruhi Bilge as the director of its integrated Mersin cement plant. He has worked in the cement sector for over 20 years, most recently holding the position of production director for Kümaş Refractories. Prior to this he worked for cement companies including Bursa Çimento, Vicat’s subsidiary Baştaş Çimento and Norm Cement.


Nigeria: Dangote Cement’s revenue grew by 33.8% year-on-year to US$3.33bn in 2021 from US$2.49bn in 2020. Its sales volumes rose by 13.8% to 29.3Mt from 25.7Mt driven by a strong domestic market, although international volume growth was strong. Earnings before interest, taxation, depreciation and amortisation (EBITDA) increased by 43.2% to US$1.65bn from US$1.15bn.

“Over the last two years, we have finalised the deployment of 6Mt new capacity in Nigeria. Looking ahead, we are now focused on a less capital-intensive expansion cycle, which includes building grinding plants across West and Central Africa to leverage and strengthen Dangote Cement’s regional integration. We are on track to deploy grinding capacity in Cote d’Ivoire and Ghana. In addition, our Alternative Fuel Project is at an advanced stage which aims to leverage waste management solutions, reduce CO2 emissions, and source material locally. This year, we co-processed 89,000t of waste representing a 60% increase over 2020,” said chief executive officer Michel Puchercos.

The group noted that Cement demand in Nigeria was sustained by increasing housing infrastructure, commercial construction, and government projects including major highways, roads, and railways. In May 2021 it re-started exporting clinker from its Onne and Apapa terminals and delivered seven clinker shipments with a total volume of 197,000t in 2021. It also exported 706,000t in 2021 by road to Togo and Niger. Internationally, the group said that it performed well but it also faced challenges in Cameroon, Ghana and Sierra Leone, where freight costs had increased substantially, causing volatility in the landing cost of cement and clinker.


Indonesia: Semen Indonesia has blamed falling earnings in 2021 on increased competition, production overcapacity and mounting coal prices. Its revenue fell slightly to US$2.43bn. However, its earnings before interest, taxation, depreciation and amortisation (EBITDA) dropped by 9.3% year-on-year to US$572m in 2021 from US$630m in 2020. Its sales volumes were driven by international sales, with domestic sales remaining stable at 32.2Mt. Foreign sales grew by 7.7% to 8.3Mt. Overall sales volumes increased by 1.6% to 40.5Mt from 39.8Mt.

In order to tackle its fuel costs the company says it has increased its use of alternative fuels, both biomass and non-biomass, and is optimising its coal consumption index by maintaining stable coal quality. It has also integrated coal procurement into the group to help better secure competitive pricing, supply and quality.


Turkey: Çimsa Çimento revenue grew by 80% year-on-year to Euro240m in 2021 from Euro133m in 2020. Its earnings before interest, taxation, depreciation and amortisation (EBITDA) grew by 46% to Euro41.4m from Euro28.5m. The subsidiary of Sabancı Holding says that 54% of its sales in 2021 came from foreign sales. However, it noted that its production energy costs increased by 94%. It also reported that its alternative fuels substitution rate hit 15%.

“In July 2021 we took over the Buñol Factory in Valencia, Spain with Cimsa Sabancı Cement. With the addition of the Buñol Factory to our production and distribution network, we have strengthened our export network and expanded our sphere of influence in Europe, North Africa and South America,” said chief executive officer Umut Zenar. With the acquisition of the white cement plant in Spain, Çimsa Çimento says it has become one of the largest white cement producers in the world.


US: The Portland Cement Association (PCA) has told the Department of Energy’s Advanced Manufacturing Office (AMO) that federal policy and support is vital to accelerate the deployment of technologies that can decarbonise the local industrial sector. In its comments to the office, the PCA said that it shares the Biden-Harris Administration’s goal of carbon neutrality by 2050 through its own Roadmap to Carbon Neutrality, which lays out a pathway to achieve this across the cement-concrete-construction value chain by 2050. However, it warned that without strong federal support the AMO’s timeline to reach carbon neutrality across industry was unrealistic due to the “significant technical, legal and economic challenges regarding technologies like carbon capture utilisation and storage (CCUS), and others including hydrogen fuel and kiln electrification.”

“Federal policy must accelerate the significant technology, funding, and market innovation needed for rapid decarbonisation while preserving economic growth and international competitiveness,” said Sean O’Neill, senior vice president of government affairs at the PCA. “The adoption of CCUS is key to achieving deep decarbonisation in the cement industry.”

The PCA added that with the right federal and state policies, CCUS could become scalable within 10 years but infrastructure, policy, permitting and funding challenges remain. It suggested that tax incentive reforms and the use of Department of Energy loan programmes could accelerate early investment and adoption of CCUS.

The use of hydrogen fuels and kiln electrification was mentioned but these technologies are seen as being at least 15 – 20 years away. The association said that hydrogen remained very expensive and there was little current infrastructure for the transport and storage of hydrogen. More research and development is required to start evaluating the efficacy of kiln electrification.


Mexico: The Mexican Ready-Mix Concrete Industry Association (AMIC) says that European natural gas shortages and disruptions to the supply of oil, chemicals and other goods as a result of the conflict in Ukraine may cause a rise in the cost of global cement production.

AMIC president Ana Laura Burciaga said "Having a conflict that delays the arrival of these products can make them more expensive because they would have to be obtained from more expensive sources due to shortages.” Burciaga continued "The area where the conflict is taking place was a major supplier of gas and we are concerned that this will have repercussions, especially in terms of a price increase when we have just suffered a very significant one of a magnitude we had not seen for many years."


Uzbekistan: The President of Uzbekistan signed in a law change on 1 March 2022 permitting legal entities to export cement on the basis of direct contracts. The change also applies to clinker. Under the current law, all exporters can claim up to 50% of transport costs for subsidisation by the Export Promotion Agency of Uzbekistan.


Ukraine/Ireland: CRH says that it is monitoring the on-going Ukrainian invasion crisis as it impacts its employees, assets and the continuity of its operations in the country. The Irish Times newspaper has reported that the company has developed contingency plans, which it will deploy as necessary.

CRH’s Cemark subsidiary employs 800 people in Ukraine, where it has operated since 1999.


India: Wonder Cement says that its Chittorgarh, Rajasthan, cement plant’s electricity consumption fell by 1.8GWh year-on-year in 2021. It attributed the reduction to its use of an ACS880 slip power recovery system (SPRS) supplied by ABB India.

ABB India’s Motion business president Sanjeev Arora said “This project puts forth how we are one of the most trusted partners for customers when it comes to energy efficiency. He said that the company ‘has constantly promoted technologies that help in driving country’s carbon-neutral future,’ concluding “Our solutions are aiding businesses across India to cut energy expenses and decarbonise their operations.”


Belarus: The Belarusian Universal Commodity Exchange says that it expects to auction 1.5Mt of cement in 2022. BELTA News has reported that the figure corresponds to 50% of the annual production of Belarusian Cement Company.


Egypt: A report from the Export Council for Building Materials, Refractory and Metallurgy Industries (ECBM) has revealed that Egyptian cement exports rose by 151% year-on-year in 2021. The value of cement exports was US$456m in 2021 compared to US$182m in 2020, according to the Al Mal News newspaper. Local producers have focused exports on African markets.


Benin: The Council of Ministers plans to commission a feasibility study from a third party to look into building a 5000t/day clinker plant with a cement production capacity of 1.6Mt/yr. The government wants to preserve local limestone deposits through the creation of a national integrated cement plant that could supply the market, according to La Nouvelle Tribune newspaper. Cement sales increased by 30% in the country from 2016 to 2021 and this trend is expected to continue. The government hopes to build a new cement plant by 2026.


Austria: RHI Magnesita says that customer demand and sales volumes to above pre-pandemic levels have driven revenue growth in 2021. It added that, at the same time, unprecedented supply chain disruptions resulted in higher freight, energy and purchased raw materials costs. Its adjusted revenue grew by 12.9% year-on-year to Euro2.55bn in 2021 from Euro2.26bn in 2020. Its adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) rose by 7.7% to Euro280m from Euro260m.

Stefan Borgas, chief executive officer of RHI Magnesita, said, “This has been a strong year of progress for RHI Magnesita in challenging conditions. Customer demand recovered much faster than was anticipated, creating an unprecedented strain on global supply chains and significant increases in costs and logistics lead times. Despite logistics difficulties and market volatility we have progressed the strategic investments which will deliver long term growth and margin improvement. We enter 2022 with restored margins and ready to build further on our sustainability and technology leadership position in the global refractory industry.”

The group said that merger and acquisition progress has been accelerated in the reporting year with an agreement to buy Turkey-based Sormas Refrakter and the establishment of a new joint venture in Chongqing, China to widen the product range for cement customers in the region.

Finally, RHI Magnesita reported that it has 63 staff based in Russia and Ukraine but no refractory production sites. Approximately 3.4% of group revenues were from the Commonwealth of Independent States region in 2021. It said that this business would be impacted by economic sanctions but that the main financial effects for the group as a whole were expected from higher energy costs.


Germany: Menzel Elektromotoren has signed a construction contract to build a larger motor plant at Hennigsdorf near Berlin. The manufacturer says it has experienced substantial growth in recent years and has outgrown its present headquarters in central Berlin. The new site will have an area of around 8500m² and will accommodate a motor plant with production, testing and storage areas as well as offices. The plot will also allow for flexible expansions to meet future growth requirements. Construction is to start in the summer of 2022, with completion scheduled for August 2023.

“Our new location will feature state-of-the-art machinery, efficient logistics, larger hoist capacities for optimised production processes and high energy efficiency,” said chief executive officer Mathis Menzel. “We will also expand our team and create around 100 new jobs in production and administration in the medium term.”

The Germany-based motor manufacturer supplies electric motors to end-users. It is also a supplier and partner of drive manufacturers, distributors and maintenance companies.


Germany/Nigeria: Germany-based Kreisel is sending a RDG 2000 type self cleaning rotary valve for the eventual use by client at a cement plant in Nigeria. The product weighs nearly 25t and has material flow rates of up to 570t/hr. The supplier says it is one of the largest self-cleaning rotary valve products that it provides. Such products are used to discharge typically wet or sticky bulk materials with a constant volume flow rate.


US: The former Lehigh Hanson Redding cement plant is the subject of a new acquisition deal. Martin Marietta has now agreed to sell the plant, which is in California, and related cement terminals to CalPortland for US$250m. The deal also covers 14 ready-mix concrete locations. The parties have also established arrangements for any future agreement for the sale of Martin Marietta’s Tehachapi cement facility and its related cement distribution terminals. Martin Marietta acquired both plants from Lehigh Hanson in October 2021.

CalPortland’s parent company Taiheiyo Cement said that the acquisition will enable it to build a supply system to meet the growing demand for cement in northern California, Oregon and Nevada. It added that the Redding Plant is an important plant in northern California, which its expects can improve customer satisfaction through an investment to develop more efficient systems. The company concluded “As a result, we expect steady growth in revenue and profits for Taiheiyo Cement’s US cement and ready mixed concrete businesses, which in turn will contribute to the achievement of the medium-term management plan from fiscal years 2022 to 2024.”


Colombia: Grupo Gilinski has increased its stake in Grupo SURA by 7.7% to 32%. Grupo SURA controls a 36% stake in Grupo Argos, the parent company of Cementos Argos and US-based Argos USA. The deal awaits validation and agency approval.


Nigeria: Lafarge Africa, Holcim’s subsidiary in Nigeria and South Africa, says that it acheived record full-year results in 2021. Its net sales were US$705m, up by 27% year-on-year from US$554m in 2020. Meanwhile, its recurring earnings before interest, taxation, depreciation and amortisation (EBIT) rose by 43% to US$157m from US$110m.

CEO Khaled El Dokani said "Our 2021 performance showed significant improvement.” He added “We are equally pleased with the progress we are making on sustainability. Our use of affordable clean energy and agro-ecology footprint are in accordance with our net zero pledge journey."

In 2022, the company forecast ‘good demand momentum’ as it continues to maximise volume opportunities across its markets, while actively managing costs. During the year, it also plans to consolidate its sustainability efforts.


US: Denmark-based life sciences investment company Novo Holdings says that it has invested US$65m in bio-based clinker-free cement producer Biomason. Biomason uses microorganisms to grow its Biocement cement, without heating or CO2 emissions. The producer is in its Series C round of financing. Novo Holdings previously invested in its Series B financing round.


Japan: Mitsubishi Heavy Industries Engineering has won the Ministry of Economy, Trade and Industry’s highest prize for contributions to industrial decarbonisation, the Minister’s Award, for its development and commercialisation of its CO2 capture system. The system is based on KS-21 solvent technology, developed in partnership with Kansai Electric Power, and the company’s Advanced KM CDR Process capture model. Mitsubishi Heavy Industries Engineering has successfully supported cement industry customers in implementing the system.


Germany: Australia-based FCT Combustion has successfully delivered a new Turbu-Flex burner to replace the existing burner at HeidelbergCement’s Hanover, Lower Saxony, cement plant. FCT Combustion will also supply burner accessories and add-ons, an igniter, a flame sensor, fans, blowers and spare parts. The project aims to improve combustion control and maximise alternative fuel (AF) use in the plant’s cement production.


Philippines: The Philippines Tariff Commission (TC) has launched an investigation into the possible extension of the safeguard measure against imports of ordinary Portland cement (OPC) Type 1 and blended cement Type 1P. The Cement Manufacturers Association of the Philippines previously filed a petition for the extension. The TC will hold its preliminary conference on the matter on 8 March 2022.

The commission said “Matters for discussion include the timelines, nature of investigation, appearance of counsel and parties, number of witnesses, notification, accessibility of documents and public file, confidentiality of documents, submission of position paper(s) and memoranda, conduct of inspection and verification of data and schedules of public hearings and other activities.”


Belgium: Cemex has joined the Cambridge Institute for Sustainability Leadership (CISL)’s Corporate Leaders Group Europe in order to lead the corporate transition to a climate neutral economy. The company joins a cross-sectoral body of members from across the EU.

Cemex’s Europe, Middle East and Africa regional president Sergio Menendez said “With its Future in Action programme, Cemex is committed to leading on the road to carbon neutrality. We are proud to join forces with the CISL’s Corporate Leaders Group Europe and other global companies to accelerate the decarbonisation of the built environment. We look forward to working together with the Corporate Leaders Group Europe to help us all achieve our shared climate action goals in Europe.”


Mexico: GCC has reported that a worker at its Chihuahua cement has died in hospital following an explosion on 25 Feburary which injured five others. The company says that it activated all safety protocols in response to the disaster and coordinated its actions with the responding authorities. It continues to support the investigation into the cause of the blast.

The company said “Unfortunately, one of the six injured died in hospital. We are currently in contact with his family, to whom we have expressed our deepest condolences, and with the families of our other injured collaborators to make all our support and resources available to them at this difficult time.”


US: Cemex USA has begun selling Portland limestone cement produced at its Brooksville, Florida, and Demopolis, Alabama, plants across the Southeastern US. The producer says that the cement retains the durability of ordinary Portland cement or is more durable while reducing CO2 emissions by 10%. Cemex USA aims to increase its PLC production at the plants, and possibly to begin producing it at other US cement plants, in early 2022.

President Jaime Muguiro said "At Cemex, we acknowledge that climate action is one of the most important issues facing our world, and we are committed to being part of the solution. Our company has ambitious emission-reduction targets, and by offering lower carbon products that deliver brilliant performance like PLC, we can continue to work toward those goals while encouraging customers to join us in the journey."


Australia: AdBri’s consolidated revenues reached US$1.13bn in 2021, corresponding to a 7.6% year-on-year rise from US$1.05bn. Cement sales constituted 39% of the group’s revenues and rose by 12% year-on-year. Earnings before interest and tax (EBIT) were US$128m, down by 0.4% from US$129m. The company recorded a net profit after tax of US$85.7m, up by 3.1% from US$83.2m in 2020.

Chair Raymond Barro said “The many challenges of 2021 revealed the strength of our people and the depth of their skills, capabilities and experience. On behalf of the board, I would like to commend (managing director and CEO) Nick Miller, his executive leadership team and all our people for their commitment, dedication and resolve as they have continued to deliver for our stakeholders.”


Indonesia: Indonesia Power says that it has processed coal fly ash and bottom ash from its Adipala power plant into building materials, including cement-free ready-mix concrete, concrete blocks, paving slabs and refractory casts. The energy company also supplies ash to mine reclamation and water neutralisation projects, according to LKBN Antara News. In total, it reused 135,000t of ash by-products in 2021. The company generates 85,000t/yr fly ash and bottom ash.

Sinar Tambang Arthaestari has previous targeted Indonesia Power’s ash products for use in its cement production.


Sri Lanka: Lanwa Sanstha Cement says that it will commission its 2.8Mt/yr Hambantota grinding plant in Mirijjawila Export Processing Zone in early March 2022. The project had previously been scheduled for delivery in January 2022. Lanka Business Online News has reported that China Merchant Ports subsidiary Hambantota International Port Group agreed to supply a 2.4km conveyor belt and two ship unloaders in November 2021. After commissioning the grinding plant, Lanwa Sanstha Cement will proceed with Phase 2 of its work to increase the facility’s capacity to 4Mt/yr.


US: Lafarge North America has reported that its Paulding, Ohio, plant achieved 99% alternative fuel (AF) substitution in its cement production, up from 95% in past years. The operator said that the fuel change saved 205,000t of CO2 emissions in 2021.


India: The National Green Tribunal (NGT) has quashed UltraTech Cement’s environmental clearances for its Babarkot and Jafrabad limestone mines in Gujarat’s Amreli District, the Indian Express newspaper reports. The tribunal said that, as a cluster spanning over 50ha, extensions to the mines were subject to Ministry of Environment, Forestry and Climate Change (MEFCC) approval. This was not granted at the time of the latest expansions’ approval by the State Environment Impact Assessment Authority in 2018.


Germany/Italy: Italy-based Buzzi Unicem has launched its CGreen reduced-CO2 cement on the German and Italian cement markets. The product uses alternative raw materials to partially replace clinker and also optimises grinding and mixing conditions through the use of novel specialist additives. In Germany, the available range of CGreen cements will consist of Dyckerhoff Eco Comfort cement and Dyckerhoff Cedur cement.

Italy cemeny chief operating officer Antonio Buzzi said "The ecological transition calls for us to adapt our behaviors and actions in order to neutralise our carbon footprint. This transition implies the partial or total redesign of production processes, distribution systems and consumption patterns, heralding the start of a potential industrial revolution and a change in our habits."


US: Thyssenkrupp has opened its new Reno, Nevada, service centre to customers. The centre will serve cement customers in the Western US and Canada.

Thyssenkrupp Industrial Solutions president Mark Terry said “We want to be where our customers need us! Thyssenkrupp already has numerous service centres distributed around the world. With an understanding of our local markets, and clientele, we are able to react, deliver faster and reduce transport time as well as costs. The service centre in Reno is another milestone for us here in North America!”