Ireland: CRH has concluded a deal with an unspecified party for the sale of CRH Europe Distribution for Euro1.64bn. The Financial Times reported in July 2019 that private equity funds managed by American-based Blackstone would buy the company’s European distribution division. CRH will reportedly use the proceeds of sale for future acquisitions including its own share buyback programme.
Safety-conscious Cemex welcomes Mayor of London at its Stepney concrete plant
UK: The Mayor of London visited Mexican-based Cemex’s Stepney readymix concrete plant to launch a road safety initiative along with Transport for London (TfL) and London Councils. The initiative consists of a ratings scheme of up to five stars for in-cabin vision for heavy goods vehicles (HGVs), with a ban on zero-star vehicles inside of Greater London. The regulation comes into effect in November 2020, before which time HGV operators may install a ‘Safe System’ consisting of sensors and noise alerts, in order to apply for a Safety Permit to keep their vehicles on the roads.
Pakistani cement production grows 9.2% year-on-year in October
Pakistan: The All Pakistan Cement Manufacturers’ Association has released figures showing a total cement output of 4.98Mt in October 2019, up by 9.2% from 4.56Mt in October 2018. Business Recorder recorded that this is a national record for monthly despatches; the second month of growth following year-on-year falls in July and August 2019. Exports continued to rise, to 0.79Mt, up by 28% from 0.62Mt in October 2018.
Dangote Cement announces nine-month results 2019
Nigeria: Over a nine-month period to 30 September 2019 in which Dangote Cement increased its volumes by 1.1% to 18.0Mt from 17.8Mt in the corresponding period of 2018, earnings before interest, taxes, depreciation and amortisation (EBITDA) for Africa’s largest cement producer fell by 1.6% year-on-year to US$0.84bn from US$0.85bn. Group CEO Joe Makoju noted a year-on-year 0.6% increase in Nigerian volumes to 10.8Mt from 1.07Mt, as well growth in Tanzania and good sales in Senegal, as helping to offset ‘economic and operating challenges in key territories such as Ethiopia and South Africa.’
Dangote identified its Seven Sustainability Pillars for management as enabling it to realise its commitment to increasing value for all stakeholders. This may have contributed to its ranking second in Sub-Saharan Africa in Forbes’ Global 2000 World’s Best Employers.
