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Raakesh Jain appointed as Executive Director & CEO (Cement) at Prism Johnson

Written by Global Cement staff
14 August 2024

India: Prism Johnson has appointed Raakesh Jain as Executive Director & CEO (Cement) with effect from 17 August 2024. His appointment will last for three years until mid-2027. He will succeed Vivek K Agnihotri, who has resigned.

Jain holds 30 years of experience in the building material industry working as the CEO of the cement division of Prism Johnson from late 2021. Before this he was the Chief Sales Officer for Nuvoco Vistas. Earlier in his career he spent nearly a decade with Lafarge India in sales roles. Before this he held sales positions for the white cement division of UltraTech Cement from the late 1990s onwards. He is a commerce graduate from Devi Ahilya University and holds a master of business administration in Marketing from Vikram University.

Published in People
Tagged under
  • India
  • Prism Cement
  • Prism Johnson
  • GCW672
  • Nuvoco Vistas
  • Lafarge India
  • UltraTech Cement
  • Holcim

Muhammad Danish Khan appointed as Chief Financial Officer at Bestway Cement

Written by Global Cement staff
14 August 2024

Pakistan: Bestway Cement has appointed Muhammad Danish Khan as its Chief Financial Officer. Khan has worked for Bestway Cement since 2019 first as Head of Budgeting, Treasury and Reporting and then Acting Chief Financial Officer. Before this he worked for Three, the AA, Deloitte and Ernst & Young in the UK. He is a graduate of the Government College University in Lahore and is a chartered accountant.

Published in People
Tagged under
  • Pakistan
  • Bestway Cement
  • GCW672

Henri Kinnunen appointed as VP, Product Management and Business Development at Tana

Written by Global Cement staff
14 August 2024

Finland: Tana has appointed Henri Kinnunen as VP, Product Management and Business. He previously worked as the CEO of WOIMA Corporation, a waste-to-energy engineering company , from 2018 to 2024. Prior to this he worked with Wärtsilä from 2007 to 2017 in both Finland and overseas.

Finland-based Tana operates in the waste management sector producing products such as shredders, compactors and separators.

Published in People
Tagged under
  • Finland
  • Tana
  • GCW672
  • Wärtsilä

Votorantim Cimentos releases 2024 second quarter results

14 August 2024

Brazil: Votorantim Cimentos ended the second quarter of 2024 with global net revenue of US$1.3bn, up by 1% from 2023. The company recorded a net profit of US$2.8m, a 10% rise from the same period of 2023. In North America, revenue fell by 13% to US$403m, impacted by reduced demand, though this was partially offset by price increases and improved operational efficiency. Adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at US$112m, down from US$119m in 2023.

In Latin America, revenue grew by 2%, with Bolivia showing improved volumes. However, adjusted EBITDA dropped by 25% to US$5.3m, affected by tough market conditions in Uruguay and maintenance schedules. In Brazil, revenue was stable at US$586m, with adjusted EBITDA also stable at US$104m, supported by new business growth and cost improvements.

Osvaldo Ayres, global CEO of Votorantim Cimentos, said "At the end of the first half of the year, our results demonstrate the resilience and effectiveness of our diversification and capital allocation strategy. We remain focused on strengthening our structural competitiveness, advancing decarbonisation projects and new businesses, while maintaining our solid financial discipline. We stay on course with our investment plan, aligned with our global strategy and strategic mandate."

Published in Global Cement News
Tagged under
  • Brazil
  • Votorantim Cimentos
  • Results
  • GCW672

Cementir Holding to increase stake in Sinai White Portland Cement

14 August 2024

Egypt: Cementir Holding’s Aalborg Portland Holding has acquired an additional 25% stake in Sinai White Portland Cement (SWCC) from Sinai Cement Company for approximately €30m. This represents Sinai Cement Company’s entire stake. Following this transaction, Cementir will indirectly hold 96.5% of SWCC’s share capital.

Published in Global Cement News
Tagged under
  • Egypt
  • Cementir Holding
  • Sinai White Cement
  • Aalborg Portland
  • Sinai Cement
  • Stake
  • Shares
  • share capital
  • GCW672
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