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CPV and CRH swap assets

26 February 2013

Spain/Ireland/UK: On 26 February 2013 Irish buildings materials supplier CRH plc announced that it and Spanish cement business Cementos Portland Valderrivas SA (CVP) had reached an agreement, effective immediately, regarding an asset swap in relation to certain Spanish assets.

CRH will transfer its 26% stake in Corporacion Uniland SA to CPV. In return, CPV will transfer its 99% stake in Cementos Lemona SA to CRH. CRH will also acquire Southern Cement Ltd, a cement importation business, based in Ipswich, UK as part of the transaction. As part of the transaction CRH and CPV will terminate all legal disputes with each other.

Published in Global Cement News
Tagged under
  • Assets
  • UK
  • Ireland
  • CRH
  • Spain
  • Cementos Portland Valderrivas
  • Cementos Lemona
  • GCW89

EAPCC returns to profit, eyes expansion

25 February 2013

Kenya: The East Africa Portland Cement Company (EAPCC) plans to expand after returning to profit during the six months ending 31 December 2012. The company said that it was boosted by cost reduction and improved cement sales. EAPCC, Kenya's third largest cement producer, said that it was optimistic of strong full-year results and was exploring expansion into Tanzania. The company already operates in Uganda and South Sudan.

"We are now discussing the financing of these (new) projects," EAPCC's managing director Kephar Tande told investors in Nairobi. The company plans to raise new capital through the Nairobi bourse, with the aim of increasing clinker production to 1.5Mt/yr by 2016 from 0.45Mt/yr at present. Tande also expects EAPCC to double its exports (as a proportion of total production) to 10% by 2014.

EAPCC made a pretax profit of US$4.3m during the six months ending 31 December 2012, compared with a pretax loss of US$2.82m during the same period of 2011. Tande said the business boosted profits by saving about US$9.7m through increased efficiency.

This news is in stark contrast to EAPCC's 2012, which was blighted by boardroom disagreements, strikes, sackings, protests and even a shooting at the plant.

Published in Global Cement News
Tagged under
  • Results
  • Kenya
  • EAPCC
  • GCW89

China produces 2.18Bt of cement in 2012

22 February 2013

China: Cement output in China increased by 7.4% year-on-year in 2012 to 2.18Bt, according to data released by the Ministry of Industry and Information Technology. Clinker output rose by 1% to 1.28Bt. Obsolete cement production capacity of 220Mt/yr was eliminated.

In other news the China Building Material Federation has released production information for regions in north-western China. Xinjiang Uyghur Autonomous Region produced 41Mt of cement in 2012, a year-on-year increase of 32.8%. Ningxia Hui Autonomous Region saw cement output increase by 10% to 16.1Mt. Shaanxi Province saw cement output increase by 16.3% to 76Mt. Gansu Province saw cement output increase by 32% to 36.7Mt.

Published in Global Cement News
Tagged under
  • China
  • Production
  • MIIT
  • CBMF
  • Xinjiang Uyghur
  • Ningxia Hui
  • Shaanxi
  • Gansu
  • GCW89

Binani Industries looks to sell cement arm stake

21 February 2013

India: Binani Industries is in talks with potential financial investors such as JP Morgan and state-owned funds in the Middle East to sell up to a 40% stake in its subsidiary Binani Cement as it seeks to raise capital to cut its debt and expand its cement capacity. Potential investors may include Abu Dhabi Investment Authority and Qatar Investment Authority.

The company, which has a total cement capacity of 11.25Mt/yr, has integrated cement plants in Rajasthan, India and a 2Mt/yr grinding unit in Dubai's Jebel Ali Industrial Area. The company has previously expressed an interest in expanding both inside and outside of India.

At US$130/t of installed capacity, Binani Cement will be valued at US$1.47bn. A 40% stake is thus worth around US$568m."The valuation of Binani Cement will be evolved in discussions with the financial investors and will be in compliance with the regulatory guidelines," said Sunil Sethy, executive vice-chairman and MD of Binani Industries."Given the overcapacity (in the Indian market) the absence of mergers and acquisitions has been surprising."

Published in Global Cement News
Tagged under
  • Binani
  • India
  • Plant

India in brief

Written by Global Cement staff
20 February 2013

One of the comments on the Global Cement LinkedIn group about last week's column posted the US Geological Survey's (USGS) estimated cement production list for 2012.

John Kline commented that the report highlighted the increasing weight of developing countries. There is nothing surprising here, but it is worth noting the implications of this in Lafarge's financial results for 2012, which we report on today. 27% (Euro4.28bn) of the group's sales came from its Middle East and Africa region.

By cement volumes sales 63% or 89.5Mt came from its Middle East/African and Asian regions. Lafarge CEO Bruno Lafont explicitly acknowledged this in his statement accompanying the announcement saying, "Emerging markets continue to be the main driver of demand and Lafarge benefits from its well-balanced geographic spread of high-quality assets".

One of the other commentators remarked on the massive difference between the estimated productions of China (2.15Bnt) and India (250Mt). India was second in the list but has only an eighth of China's production!

Talking of India, our recent article 'The incredible Indian cement industry' in the February 2012 issue of Global Cement Magazine presents a good overview of the situation there. This week's news item on Madras Cements' third quarter results picks out a couple of threads from the complex Indian Picture. Firstly, Madras Cements was fined US$48m by the Competition Commission of India (CCI) for alleged price-fixing. Although the producer is growing its sales, this fine hangs ominously over the balance sheet.

Secondly, the producer's transportation and handling costs grew by a massive 37% year-on-year in the quarter. Rail freight prices increased in India in 2012. These kinds of increase cannot be welcome on cement producers' balance sheets. Unsurprisingly a 'marginal' reduction for cement is under consideration by the Indian Railways.

The Global Cement India Conference, was held in Mumbai this week on 18-19 February 2013, will update us on situation in India. Look out for the report soon.

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