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LafargeHolcim increases stake in Ambuja Cement and ACC 16 November 2016
India: LafargeHolcim has increased its shareholding in Ambuja Cement and ACC via its subsidiary Holderind Investments. It now owns 63% of Ambuja Cement’s shares and 4.5% of ACC’s shares. The group will pay for the additional stakes in Indian Rupees. The impact on LafargeHolcim’s net debt will be Euro302m. It described India as one of LafargeHolcim’s key markets with solid long-term fundamentals and a clear potential for further improvement in business performance.
Federal Trade Commission approves request by HeidelbergCement and Italcementi to sell Martinsburg cement plant 16 November 2016
US: The Federal Trade Commission (FTC) has approved an application from HeidelbergCement and Italcementi to sell the Essroc cement plant in Martinsburg, West Virginia, eight cement terminals in the mid-Atlantic region and related assets to Argos USA, a subsidiary of Cementos Argos. The divestiture was required by the FTC’s August 2016 final order settling charges that the US$4.2bn merger of HeidelbergCement and Italcementi would be likely to harm competition in five regional markets for cement in the US. The Commission vote to approve the divestiture was 3-0.
Jens Wegmann stands down as CEO of Thyssenkrupp Industrial Solutions
Written by Global Cement staff
16 November 2016
Germany: Jens Michael Wegmann is standing down as CEO of Thyssenkrupp’s Industrial Solutions division with immediate effect and leaving the company. Wegmann accepted a golden bracelet for his wife from a Pakistani business partner, according to Reuters.
“I made a mistake which I greatly regret and I am now paying the consequences. I realise that my conduct in my dealings with a sales partner was not in line with Thyssenkrupp’s values and that I can no longer credibly drive the necessary changes at Industrial solutions. For this reason I am standing down as CEO of Thyssenkrupp Industrial Solutions – irrespective of legal issues and the findings of the on-going internal investigation. I would like to wish all employees the very best for the future and every success in the continuing implementation of the transformation,” said Wegmann in a statement.
Stefan Gesing, chief financial officer of Industrial Solutions, will assume Jens Michael Wegmann’s duties and serve as chair of the business area board on an acting basis. The group will decide on a permanent successor in a structured process.
Bharat Heavy Electricals wins orders in Togo and Benin 15 November 2016
Togo/Benin: Bharat Heavy Electricals (BHE) has been awarded an order by Norway’s Scancem International, part of Heidelberg Cement group, to supply motors for Ciments Du Togo and Cimbenin. The motors will be manufactured and supplied by BHE's Bhopal plant.
East African Portland Cement brings in the auditors 15 November 2016
Kenya: East African Portland Cement (EAPC) has hired Ernst & Young to conduct a forensic audit of its business following reports that the company is technically bankrupt and may have lost around US$7.1m worth of stock from its warehouses since 2014. Cement stock valued at US$4m went missing in Kenya and US$3.1m disappeared in Uganda, according to the Business Daily newspaper. Ernst & Young started work for the state-owned cement producer in early November 2016.