HeidelbergCement earns Sustainably Managed Companies ranking

sustainability report cover

Sources: CP staff; Wall Street Journal Lehigh Hanson Inc. parent company HeidelbergCement AG ranks 37 among 100 Sustainably Managed Companies that the Wall Street Journal recognizes in its October 14 edition. The concrete, aggregate and cement giant scores 73.2 overall on a list where such scores range from 78.8 (#1, Sony) to 71.1 (#100, International Paper). HeidelbergCement ranks in upper and lower quartiles…

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Arbitrator closes HeidelbergCement earnout claim in Forterra’s favor

Sources: Forterra Inc., Irving, Texas; CP staff

A neutral accounting arbitrator has determined that no earnout payment from concrete pipe and precast giant Forterra is due to HeidelbergCement AG under terms of a 2015 Hanson Building Products business spinoff, initially valued at $1.2 billion. HeidelbergCement had sought a $100 million earnout payment based on the fiscal 2015 performance of Hanson Building Products, whose Dallas-based suitor, Lone Star Fund IX (U.S.) LP, adopted the Forterra brand. The Delaware Court of Chancery deferred an EBITDA (earnings before interest, taxes, depreciation and amortization) calculation—central to the earnout payment clause—to the arbitrator in conjunction with a late-2017 dismissal of a HeidelbergCement suit.

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Oxygen fuels cement producers’ carbon capture venture

Sources: HeidelbergCement AG, Germany; CP staff

The parent companies of Lehigh Hanson Inc., Buzzi Unicem and National Cement Co. have joined a fourth European peer on Cement Innovation for Climate or CI4C, a research corporation investigating the potential of oxygen fuel technology to maximize carbon dioxide capture in portland cement production. 

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HeidelbergCement first to meet global initiative’s carbon criteria

Sources: HeidelbergCement AG, Germany; CP staff

HeidelbergCement is the premier cement, aggregate and concrete operator to validate its carbon dioxide emissions reduction commitment over the next decade against Science Based Targets initiative (SBTi) criteria. As part of its 2030 Sustainability Goals for global operations, the producer aims to reduce net CO2 and other greenhouse gas (GHG) emissions by 30 percent against 1990 baseline levels. 

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Ward to succeed Europe-bound Lehigh Hanson CEO Morrish

Sources: HeidelbergCement AG, Germany; CP staff

A HeidelbergCement Managing Board succession plan will see an early-2020 C suite shift for the North American and European businesses: Jon Morrish, chief executive officer of Texas-based Lehigh Hanson Inc., will head Western and Southern Europe cement, aggregate and concrete operations; successor Chris Ward will transition from his post as Canada Region president. A U.K. native who joined Hanson Plc in 1999, Morrish led the Lehigh Hanson South Region ahead of taking the helm in 2015. Ward has progressed in various management roles since joining Hanson Building Materials America in 1996.

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HeidelbergCement cuts debt, strengthens core units toward 2020

Sources: HeidelbergCement AG, Germany; CP staff

Lehigh Portland Cement parent HeidelbergCement envisions $1.8 billion to $2.4 billion in acquisitions over the next three years, backed by $1.2 billion to $1.8 billion in non-core asset sales, plus savings realized from continuous efficiency improvements across global cement, aggregates and ready mixed concrete businesses. Driving those improvements are digital platform implementation in operations, maintenance, logistics and purchasing. 

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PRODUCERS – FEBRUARY 2018

Cemex USA and Rinker Materials veteran Karl Watson Jr. has joined Denver-based Summit Materials as executive vice president and chief operating officer, succeeding Douglas Rauh. He arrives at the ready mixed, cement, aggregates and asphalt producer with 25-plus years in construction materials, most recently serving as president of Martin Marietta Materials’ Cement & Southwest Ready Mix business.

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PRODUCERS – JANUARY 2018

St. Louis-Breckenridge Material Co. and Eastern Missouri Concrete have entered a partnership with CarbonCure Technologies in Halifax, N.S. The ready mixed producers will install equipment injecting carbon dioxide into concrete loads, where the gas converts to a solid mineral in the matrix and improves compressive strength development.

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HeidelbergCement: U.S. tax reform a plus after $240M charge for 2017

Sources: HeidelbergCement AG, Germany; CP staff

Lehigh Hanson parent company HeidelbergCement estimates a €200 million ($240 million) charge against net 2017 profit due to accounting measures stemming from the Tax Cuts and Jobs Act —the sweeping tax reform President Donald Trump signed into law late last year. The law reduces the federal corporate tax rate from 35 percent to 21 percent, but requires companies like HeidelbergCement to recalculate loss carried-forwards and deferred tax assets on losses in their consolidated 2017 financial statements. The one-time action will not impact earnings before tax or cash flow in 2017, HeidelbergCement notes, adding that the new U.S. tax rate will positively affect group net profit and cash flow beginning in 2019.

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