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Libya Holdings Group to acquire Libyan Cement Company 29 April 2015
Libya: Libya Holdings Group (LHG) is to acquire a majority stake in Libyan Cement Company through a special purpose acquisition vehicle. The LHG sponsored vehicle will acquire a controlling interest in Libyan Cement Company from QuadraCir Group (QuadraCir). It is anticipated that the acquisition will close by 30 April 2015. The transaction will be funded by LHG, using its existing cash resources, together with some of the leading families and industrial companies in the Gulf Cooperation Council region as co-investors.
Libyan Cement Company is the oldest cement company in Libya, has a significant market share in the Libyan cement market, and is the only producer of cement in eastern Libya. Under the terms of the acquisition, LHG and its co-investors intend to invest in the cement producer to stabilise operations and increase cement production capacity to over 3Mt/yr. The investment is targeted to meet the demand for cement in eastern Libya which is reliant on imports.
"We are very pleased to have been able to execute this transaction in a complex environment, retaining operational continuity for the cement company and at the same time securing its long-term growth potential which will benefit the Libyan economy," said Ahmed Ben Halim, Founder and CEO of LHG.
Competition Commission of India clears Ultratech to buy two cement plants from Jaiprakash Associates 29 April 2015
India: The Competition Commission of India (CCI) has cleared Ultratech Cement's proposed US$853m deal to buy two cement plants from Jaiprakash Associates in Madhya Pradesh. The acquisition is for a 2.6Mt/yr cement plant in Bela, with a 25MW captive power plant, and a 2.3Mt/yr cement plant in Sidhi with a 155MW captive power plant, according to the Economic Times.
"Looking at the details of the matter, the combination would not have any adverse impact on the market," the CCI order said.
UltraTech's cement production capacity will rise to 65Mt/yr. The company has set a target to reach 71Mt/yr by 2016. Following the sale Jaiprakash Associates, also know as Jaypee Group, will remain the country's third largest cement producer with a production capacity of 22Mt/yr.
World: Lafarge has signed an agreement with Solidia Technologies to sell its low-carbon cement and CO2-cured concrete worldwide. Under the terms of this agreement, Lafarge will have the right to commercialise the process that reduces the carbon footprint of the end-to-end process by up to 70%. The commercial launch will initially take place in some key markets in North America and in Europe for the manufacturing of concrete elements such as paving stones, roof tiles and concrete blocks.
Solidia has developed a new binder made from similar raw materials to Ordinary Portland Cement and produced in a traditional rotary kiln. It is produced at lower temperatures and through a different chemical reaction that generates less CO2. Used afterwards in the manufacture of precast concrete, Solidia Cement hardens through the addition and absorption of CO2 in a patented curing process that reduces the overall carbon footprint by up to 70%. Produced at traditional precast concrete manufacturing facilities, Solidia Concrete reaches full strength in less than 24 hours.
Lafarge has worked with Solidia Technologies since 2013 to industrialise this technology. In April 2014, a joint group of Lafarge and Solidia scientists confirmed the reduced carbon footprint and commercial viability of Solidia cement during a full-scale trial at Lafarge's Whitehall cement plant in the US. The cement produced has subsequently been used by a variety of pre-cast customers in North America and Europe to further validate Solidia's curing technology and to produce blocks, pavers and roof tiles for commercial testing. In December 2014, Lafarge invested in Solidia Technologies and joined Solidia's Board of Directors.
China: Anhui Conch has reported that its net profit fell by 30.7% year-on-year to US$276m for the first quarter of 2015 from US$399m for the same period in 2014. Revenue fell by 11.1% to US$1.81bn from US$2.04bn. The major Chinese cement producer attributed to the fall in profit to a drop in product prices.
China: Profits made by the cement industry have fallen by 67.6% year-on-year to US$521m for the first quarter of 2015 according to statistics released by the National Development and Reform Commission (NDRC). Cement output fell slightly by 3.4% year-on-year to 428Mt in the same period.