Economy & Market

Cemex to sell convertible bonds

Published

15 years ago

January 4, 2011

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Cemex, the world’s no 3 cement maker, will sell $1.2 billion in convertible bonds after shareholders approved the unpopular plan to use the funds to repay debt. The Mexican company, which is trying to cut its $18 billion debt after narrowly avoiding default in 2009, said it plans to issue convertible subordinated notes, of which $600 million will be due in 2016 and $600 million due in 2018. The notes will convert into Cemex’s American Depositary Shares at rates yet to be determined, the Monterrey-based company said.

Analysts say the issue could eventually dilute the stock by about 5 per cent when the convertibles mature. Cemex has been struggling with debt since its ill-timed purchase of Australian cement rival Rinker, which made the Mexican company the top cement producer in the US. Just when things were moving ahead, unfortunate struck in the form of US housing crisis. Cemex has to pay its bankers $2.3 billion this year to avoid a $200 million jump in annual interest payments. The cement maker, which competes with France’s Lafarge SA and Switzerland’s Holcim AG, has yet to pull out of a slump and cannot rely on earnings to pay back debt. "Cemex intends to use the net proceeds from the offering of the notes to fund the purchase of the capped call transactions and to repay indebtedness," the company said in a statement.

Concrete

WCA Welcomes SiloConnect as associate corporate member

Published

6 days ago

April 13, 2026

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The World Cement Association (WCA) has announced SiloConnect as its newest associate corporate member, expanding its network of technology providers supporting digitalisation in the cement industry. SiloConnect offers smart sensor technology that provides real-time visibility of cement inventory levels at customer silos, enabling producers to monitor stock remotely and plan deliveries more efficiently. The solution helps companies move from reactive to proactive logistics, improving delivery planning, operational efficiency and safety by reducing manual inspections. The technology is already used by major cement producers such as Holcim, Cemex and Heidelberg Materials and is deployed across more than 30 countries worldwide.

Concrete

TotalEnergies and Holcim Launch Floating Solar Plant in Belgium

Published

6 days ago

April 13, 2026

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TotalEnergies and Holcim have commissioned a floating solar power plant in Obourg, Belgium, built on a rehabilitated former chalk quarry that has been converted into a lake. The project has a generation capacity of 31 MW and produces around 30 GWh of renewable electricity annually, which will be used to power Holcim’s nearby industrial operations. The project is currently the largest floating solar installation in Europe dedicated entirely to industrial self-consumption. To ensure minimal impact on the surrounding landscape, more than 700 metres of horizontal directional drilling were used to connect the solar installation to the electrical substation. The project reflects ongoing collaboration between the two companies to support industrial decarbonisation through renewable energy solutions and innovative infrastructure development.

Concrete

Cortec® Corporation applauded for its strong safety performance

Published

6 days ago

April 13, 2026

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Cortec® Corporation has been recognised for its strong safety performance, receiving its sixth Governor’s Workplace Safety Award for its outstanding performance in 2025. As a Silver Achievement recipient, the company continues to maintain safety metrics well above national industry averages, an impressive accomplishment for a chemical manufacturing organisation. This achievement reflects Cortec’s proactive approach to workplace safety, focused on early hazard detection and employee involvement. The company will be formally recognised at the Minnesota Safety and Health Conference in May, highlighting how industrial companies are effectively strengthening workplace safety standards.