Global Cement News

Europe: Cemex has completed the sale of its business operations in Austria and Hungary to Germany's Rohrdorfer Group for about Euro160m.

Cemex's Austrian operations, which comprise 24 aggregate quarries and 34 ready-mix plants, reported Euro219m in net sales in 2014. The operations in Hungary include five aggregate quarries and 34 ready-mix facilities and had net sales of some Euro42.7m in 2014.

Cemex hired Bank of America Merrill Lynch, Citigroup, BNP Paribas and Morgan Stanley & Co International plc to act as financial advisors in this transaction. The proceeds from the sale will be used mainly to finance general corporate purposes and to pay off debt.

India: Shree Cement commissioned a new 2Mt/yr grinding plant in Bulandshahr, Uttar Pradesh on 30 October 2015.

India: JK Cements has reported a 58% fall in its consolidated net profit to US$2.09m for the quarter that ended on 30 September 2015. However, its total standalone income rose by 5% to US$133m. The company's total expenses grew to US$122m from US$11.7m.

India: Kumar Mangalam Birla, Chairman of the US$40bn Aditya Birla Group, has been appointed as Vice Chairman of Century Textiles and Industries. KM Birla is grandson of 94-year-old BK Birla, who is the Chairman of Century Textiles. In BK Birla's absence, KM Birla was chairing the board meetings.

For the quarter that ended on 30 September 2015, Century Textiles posted a net loss of US$3.69m compared to a net profit of US$117,422 for the same quarter of 2014. Total income grew from US$262m in the 2014 quarter to US$299m in 2015.

Egypt: ASEC Cement, a subsidiary of Egypt's Qalaa Holdings, has announced plans to sell its stakes in ASEC Minya and ASEC Ready Mix to Misr Qena Cement for US$125m. The respective stakes are 46.5% and 55%. The deal is expected close on or before 20 November 2015.