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RHI and Magnesita make sales ahead of merger 11 September 2017
Europe: RHI and Magnesita have announced divestment agreements ahead of their proposed merger. RHI has signed a contract with a European refractories supplier for an undisclosed sum regarding the sale of its dolomite business in the European Economic Area. The sale consists of the production sites at Marone in Italy and Lugones in Spain. Magnesita has entered into a definitive agreement with Intocast to divest its business related to the production and supply of magnesia carbon bricks produced at the company's Oberhausen plant in Germany for Euro20.3m. Both sales were required by the European Commission as part of the merger process.
“With the sale of the two sites, the combination of RHI with Magnesita is also still right on schedule,” said RHI’s chief executive officer Stefan Borgas with regards to his company’s divestments “We expect the confirmation by the European Commission in the near future.”
RHI signed a contract in August 2017 to sell its production sites at San Vito in Italy and Sherbinska in Russia that produce fused cast refractories for the glass industry. Production at the company’s plant at Aken in Germany was stopped in the first half of 2017 for an indefinite period. RHI plans to sell or close the plant to maintain its production utilisation rate across the business.
Long Son opens second production line at cement plant 08 September 2017
Vietnam: Long Son has started operating its second production line at its Long Son cement plant in Thanh Hoa province. Following the upgrade the unit has increased its cement production capacity to 5Mt/yr from 2.5Mt/yr, according to the Viet Nam News newspaper. Following the opening of the new line the site has become one of the largest cement plants in the country.
Mozambique government announces new cement plant for Niassa 08 September 2017
Mozambique: President Filipe Nyusi has announced that work on building a new cement plant in Niassa province will start later in 2017. The unit is expected to source many of its raw materials locally, such as limestone and clay, according to the Mozambique News Agency. Once operational the plant is expected to create over 500 jobs. The project follows the reopening of the Cuamba to Lichinga railway in late 2016.
McInnis releases distribution plan for Atlantic provinces of Canada 08 September 2017
Canada: McInnis, formerly McInnis Cement, has released details about its distribution plan for the Atlantic provinces. The company has acquired two CRH Canada-owned terminals allowing it to access markets in New Brunswick, Nova Scotia and Prince Edward Island. McInnis says it will honour the orders of the clients supplied through those terminals and integrate their current employees. In addition, McInnis has entered into an agreement with CRH Canada and will supply cement for its terminals at Long Pond, Argentia and Corner Brook in Newfoundland directly from McInnis plant in Port-Daniel – Gascons. Deliveries to Newfoundland will begin in the autumn of 2017.
“With the addition of these terminals to our network, we are now able to secure a solid position in this market” said Hervé Mallet, president and chief executive officer (CEO) of McInnis Cement.
The McInnis distribution network includes several facilities: marine terminals in Providence, Rhode Island and Sainte-Catherine, Québec were the first to be built and commissioned. The Oshawa terminal in Ontario has started operation in September 2017. A railway transshipment station in New Richmond, Québec is also operational, and the Bronx marine terminal in New York will join the network in 2018.
Loma Negra files for US$100m initial public offering 07 September 2017
Argentina/US: Loma Negra has filed for a US$100m initial public offering (IPO) on the New York Stock Exchange. The subsidiary of Brazil’s InterCement wants to sell shares of Loma Negra in Argentina and New York to raise cash and cut debt, according to sources quoted by Reuters. Proceeds from the offering will be used to reduce debts at InterCement’s parent company Camargo Correa. The Brazilian company originally purchased Loma Negra in 2005 for US$1bn.