Cement Newsline

LafargeHolcim announced the appointment of Jamie M. Gentoso as chief executive officer of U.S. Cement operations. Gentoso, a professional engineer, brings significant experience in the construction materials industry to help lead the organization through the next phase of growth. She succeeds John...
More inLatest  

Latest Digital Edition

Cement Scope

Infrastructure The Portland Cement Association (PCA) issued the following statement in response to publication of the American Council for Capital...
More inCementScope  

Cement Products

Babcock & Wilcox’s (B&W) electrostatic precipitator (ESP) technologies deliver maximum particulate removal efficiency with proven reliability and reduced operating and maintenance costs. Engineered upgrades, quality components and replacement parts, and aftermarket services help keep existing ESPs...
More inProducts  

Holcim Receives Overdue Payment from Venezuela

Venezuela paid Holcim Ltd. the final installment of a total $650 million agreed compensation for seizing the Swiss company’s cement plants in 2008, reported Bloomberg. The $97.5 million was due almost three months ago.

 

Former Venezuela President Hugo Chavez nationalized Venezuela’s cement industry in 2008 citing failures to sufficiently supply the local market. He also seized assets from Cemex SAB and Lafarge SA.

Investors have become increasingly concerned that Venezuela is running out of cash to pay its debt as its foreign reserves fall and its economy heads for its biggest contraction since 2009, according to data from the International Monetary Fund. Venezuela, which imports three-quarters of the goods it consumes, has seen export revenue slump as oil prices tumble.

The country ranks among the biggest losers from the recent decision by the Organization of Petroleum Exporting Countries to let the force of the market determine the price of oil, noted Bloomberg.

Let's stay in touch!

All of the latest news and our digital edition sent to your inbox once a week.

We'll never share your email address, and you can opt out at any time, we promise.

Resource Center