Tanzania: Twiga Cement’s revenue rose by 30% year-on-year to US$151m in 2018 from US$116m in 2017. Its net profit grew by 60% to US$24.6m from US$15.4m. Its cement sales volumes increased by 9%. The subsidiary of Germany’s HeidelbergCement said that the local cement market saw continued growth in 2018 and that, despite production overcapacity, it maintained its ‘market leadership.’
Cemex UK’s South Ferriby cement plant starts work on flood defences
UK: Construction work has started on a new flood embankment west of the Cemex’s South Ferriby cement plant in North Lincolnshire. New brick-clad walls will also be built around Ferriby Sluice. The project, led by the Environment Agency, has an investment of around Euro14m. The scheme is scheduled for completion by 2021.
“We are delighted to be contributing building materials to construct the new flood defences. In December 2013 floods damaged the plant putting it out of production for over 12 months and causing immense damage to local homes and businesses. It was estimated that over Euro55m worth of damage was caused,” said Piotr Klepak, Cemex Plant Director.
Moldovan Rybnitsky cement plant benefits from cheap gas rates
Moldova: The Rybnitsky Cement plant has significantly cut its production costs due to a cheap gas deal. According to Radio Chișinău and the Infotag News Agency, the cement producer is paying four times less for its gas than its local competitor, the LafargeHolcim-owned Rezinsky Cement plant. In 2018 the Moldovan government held off renewing a supply contract with Russia’s Gazprom to see if cheaper options were available elsewhere.
Timken buys the Diamond Chain Company
US: Timken has acquired the Diamond Chain Company from Amsted Industries for an undisclosed sum. The US-based chain manufacturer supplies a range of industrial markets, which include material handling, mining and aggregates.
"The acquisition of the Diamond Chain Company adds another strong industrial brand with a reputation for quality, reliability and performance to Timken's growing power transmission portfolio," said Richard G Kyle, Timken president and chief executive officer. He added that the purchase was an ‘excellent strategic fit’ with Timken’s drives chain business and that it would aid its manufacturing presence in Asia.
The Diamond Chain Company was founded in 1890 and it has its headquarters in Indianapolis, Indiana. It has manufacturing operations in the US and China. It employs approximately 370 people.
