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Suez Cement's Kattameya plant to use coal by September 2015 03 September 2014
Egypt: The chairman of Suez Cement Group, Omar Mohanna, has announced that his company is planning to start transition processes to use coal in its 3Mt/yr capacity Kattameya cement plant by September 2015. The conversion is set to cost US$23.5m.
UltraTech completes acquisition of cement units of Jaypee Cement 03 September 2014
India: UltraTech Cement has completed the acquisition of cement plants of Jaypee Cement Corporation (JCCL) in Gujarat State. UltraTech informed the Bombay Stock Exchange that the acquisition process had been completed and became effective from 12 June 2014.
In September 2013 UltraTech acquired the cement unit of JCCL, which comprised an integrated cement plant at Sewagram and a grinding plant at Wanakbori, for US$627m. Post-acquisition, UltraTech's total capacity in India stands at 58.8Mt/yr. Including overseas capacity it is 62Mt/yr.
China Tianrui first half 2014 net profit rose by 15.6% to US$53.2m 03 September 2014
China: China Tianrui Group Cement Company has announced that its profit attributable to owners for the six months that ended on 30 June 2014 rose by 15.6% year-on-year to US$53.2m. Revenue was US$699m, an increase of 15.4% from a year earlier. The company's gross profit margin increased to 22.3% in the first half of 2014 from 21.6% in the first half of 2013, which was primarily due to the lower cost of sales and slightly higher cement sales prices.
Directors shuffle in Tunisia
Written by Global Cement staff
03 September 2014
Tunisia: Jalel Ben Othmane has been appointed Director General of Ciments de Bizerte in replacement of Ibrahim Sanaa who in turn has been appointed Director General of the Carthage Cement.
MAM Ramaswamy removed from Chettinad board
Written by Global Cement staff
03 September 2014
India: The succession battle within the Chettinad group of companies has culminated in the removal of chairman MAM Ramaswamy from the board of its flagship enterprise, a position he has held for more than three decades.
A resolution to reappoint Ramaswamy was defeated at the 51st shareholders meeting of the Chettinad Cement Corporation on 27 August 2014. However, Ramaswamy was later named as chairman emeritus by his foster son and managing director MAMR Muthiah, who has taken over the reins.
An official statement from the group said, "In acknowledgement of his contribution at the helm of the company's operations until 1999, the managing director announced that Ramaswamy would be appointed as chairman emeritus for life."
Muthiah, who has powered the group's expansion over the last decade in cement, healthcare and logistics, has instilled a managerial culture that is in sharp contrast to the conservative approach favoured by Ramaswamy. Muthiah has announced that the group would push itself into newer geographies in north India. Currently all of the group's cement assets are located in the south.