Three Clifford Chance LLP offices and Brazilian firm Themudo Lessa Advogados have helped the Luxembourg subsidiary of Brazil’s Banco Votorantim raise US$500 million in the latest issuance by a Brazilian financial institution this year expert analysis and essential resources from the Latin Lawyer experts Copyright © Law Business ResearchCompany Number: 03281866 VAT: GB 160 7529 10 This firm has professional notice in the Latin Lawyer 250 Get more from LLSign up to our daily email alert Unlock unlimited access to all Latin Lawyer content Connecting decision makers to a dynamic network of information Bloomberg quickly and accurately delivers business and financial information Workers at the Votorantim Cimentos facility in Primavera Votorantim is in the early stages of internal preparations for a potential New York listing for the unit who asked not to be identified because deliberations are private It could move forward with an offering as soon as next year depending on market conditions You are using an outdated browser. Please upgrade your browser to improve your experience Votorantim Cimentos ended 2024 with another record high in annual operating results and margin growth supported by geographic and product diversification Votorantim Cimentos' global net revenue in the year totaled R$26.6 billion excluding changes in foreign exchange rates primarily as result of the positive performance in European and Asian countries and stability in Brazil Cement sales volume in 2024 totaled 35.4 million t depreciation and amortization) was R$6.5 billion a record high for the second consecutive year and up 9% compared to 2023 The improvement in operating results can be attributed to the company’s balanced portfolio (especially in its operations in Europe and Asia) operational efficiency combined with lower variable costs in most regions in addition to gains resulting from the sale of non-strategic assets in North America and Uruguay Votorantim Cimentos’ investments (Capex) totaled R$3.2 billion This increase is in line with the global strategy of investments in decarbonisation Regarding the R$5 billion investment plan announced in early 2024 to strengthen operations in Brazil including a comprehensive program of structural growth and competitiveness through 2028 This investment plan includes a project to modernize the kiln and biomass system at the Xambioá plant (Tocantins state in Brazil) to increase the site’s co-processing rate the first phase of a modernisation project in the Salto de Pirapora plant (São Paulo state leading to a marginal increase in clinker production capacity as the site seeks to accelerate thermal substitution and reduce CO2 emissions A new cement grinding plant is also being built at the Salto de Pirapora plant which will add 1 million tpy to the site’s production capacity Construction is expected to be completed in the second half of 2025 expansion projects in Brazil included the start of operations at a new site in Itaperuçu (Paraná state increasing the capacity related to new businesses such as Viter (agricultural solutions) and Verdera (waste management and co-processing) Votorantim Cimentos announced last year the expansion of the Edealina (Goiás state a R$200 million investment in the construction of a new cement grinding line that will double the plant’s production capacity The project is expected to be completed in the first half of 2026 “We ended the year with record-high operating results We continued to advance our programme of modernisation competitiveness and acceleration of new businesses as well as the implementation of our decarbonisation and sustainability strategy aligned with our 2030 public commitments,” said Osvaldo Ayres Votorantim Cimentos ended 2024 with leverage (measured by the net debt/adjusted EBITDA ratio) of 1.66x The increase resulted from changes in foreign exchange rates and the payment made to CADE at the end of December 2024 related to the agreement to close all administrative and judicial litigation involving the company and the agency partially mitigated by the improved operating results The rating agency Fitch Ratings upgraded Votorantim Cimentos’ global credit rating from “BBB-” to “BBB” Moody’s and S&P Ratings reaffirmed Votorantim Cimentos' “Baa3” and “BBB” global credit rating the company has maintained its investment grade credit rating “Votorantim Cimentos ended the year with financial strength supported by improvements in credit ratings and debt opportunities with issuances at the lowest historical spread levels We ended 2024 with a cash balance and financial investments of R$5.2 billion This amount will allow the company to meet its financial obligations for the next four years,” said Antonio Pelicano The company posted adjusted net profit of R$2.2 billion in 2024 17% lower than in the previous year due to financial expenses including the early settlement of a bond originally due in 2027 Votorantim Cimentos paid R$1.1 billion to the Administrative Council for Economic Defense (CADE in Portuguese) in connection with an agreement to end all administrative and judicial litigation involving the company and the Brazilian antitrust agency in accordance with the rules of the “Desenrola Agências Reguladoras” program the Brazilian federal government offered individuals and companies with pending disputes with public agencies and foundations the opportunity to resolve their issues under mutually beneficial As a result of this extraordinary transaction and the agreement Votorantim Cimentos definitively resolved all pending disputes with CADE having committed any unlawful act or engaged in any anticompetitive behaviour Votorantim Cimentos continued to advance projects to expand its capacity to use alternative fuels from biomass and waste globally the company started a carbon capture pilot project at its Alconera plant This initiative is one of the industry’s first carbon capture experiments in Spain and aims to improve knowledge about carbon capture technologies representing a significant step in the decarbonisation journey Votorantim Cimentos has also extended its carbon capture experience to North America and is working on a pilot project using membrane-based capture technology at its Charlevoix plant (Canada) the baseline year for historical measurements Votorantim Cimentos has reduced its CO2 emissions by 28% Votorantim Cimentos’ 2024 net revenue was R$12.9 billion The company’s adjusted EBITDA in the country totaled R$2.6 billion higher sales volume and progress in new businesses contributed to this result which mitigated the favorable price dynamics in the period Adjusted EBITDA for the region was R$2.3 billion in 2024 as a result of operational efficiency and the sale of non-strategic local assets leading to a significant recovery in margins net revenue grew 10% in 2024 compared to 2023 The positive performance resulted from an increase in sales volume and price dynamics Adjusted EBITDA for the region was R$1.1 billion The positive operating result was due to the previously mentioned market dynamics and the reduction of variable costs Votorantim Cimentos also concluded an important cycle of capturing synergies from the assets acquired in recent years in Southern Spain Votorantim Cimentos signed agreements for the sale of its assets located in Tunisia and Morocco The conclusion of these transactions is subject to the fulfillment of conditions precedent including approval by regulatory authorities Reflecting the reclassification of Tunisia and Morocco as discontinued operations the consolidated information does not consider the results of these two countries as a result of challenging market dynamics in both Uruguay and Bolivia The region ended 2024 with R$158 million in adjusted EBITDA excluding the effects of changes in foreign exchange rates The result was impacted by market conditions and higher variable costs which were partially mitigated by the sale of a non-strategic asset in Uruguay Read the article online at: 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Tunisia: Votorantim Cimentos has completed the full sale of its assets in Tunisia to China-based Sinoma Cement Votorantim Cimentos operates the Ciments de Jbel Oust plant in Tunisia The transaction follows the fulfilment of precedent conditions Tunisia and the Common Market for Eastern and Southern Africa (COMESA) Delivery of the assets and financial settlement were also concluded O endereço abaixo não existe na globo.com Brazil: Votorantim Cimentos grew its revenue and earnings in 2024 but its net income dropped significantly due to interest rate volatility It noted ‘positive performance’ in its Europe and Asia region and a stable market in Brazil It attributed its mounting earnings to its balanced portfolio The group’s net revenue grew by 3% year-on-year to US$4.69bn in 2024 from US$4.53bn in 2023 revenue fell slightly in local currencies due to negative exchange effects Cement sales volumes rose by 1% to 35.4Mt from 34.9Mt depreciation and amortisation (EBITDA) increased by 16% to US$1.14bn from US$0.99bn Earnings rose in all regions except for Latin America due to a ‘challenging’ market in Uruguay and lower prices in Bolivia its adjusted net income dropped by 17% to US$383m from US$461m “We ended the year with record-high operating results in line with our strategic mandate,” said Osvaldo Ayres The company invested over US$550m in 2024 towards decarbonisation A further US$880m investment plan in Brazil to 2028 was announced in early 2024 Ongoing projects include upgrades supporting higher thermal substitution rates at the Xambioá plant in Tocantins state and the Salto de Pirapora plant in São Paulo A new 1Mt/yr cement grinding unit is being built at the Salto de Pirapora site Construction of this project is scheduled for completion in the second-half of 2025 A new 1Mt/yr cement grinding unit was also announced at the Edealina plant in Goiás This project is expected to be completed in the first half of 2026 Votorantim also revealed that it paid around US$190m to the Administrative Council for Economic Defense (CADE) at the end of 2024 in connection with an agreement to end all administrative and judicial litigation It said “We definitively resolved all pending disputes with CADE having committed any unlawful act or engaged in any anticompetitive behaviour.” Votorantim Cimentos ended 2024 with global emissions of 550 kg of CO2/ t of cementitious materials produced the baseline year used by the cement industry Votorantim Cimentos’ decarbonisation strategy is based on four main pillars: co-processing (replacement of fossil fuels in cement production kilns with other materials the use of cementitious materials (substitution of clinker – the main component of cement and the main source of CO2 emissions in the cement production process – with by-products from other industries) energy efficiency and the use of renewable energy sources (company-owned hydroelectric power plants and investments in solar and wind energy) and the development of technologies (use of innovative processes and new materials carbon capture and efficiency gains in the cement and concrete value chain to optimise resources and further reduce carbon intensity) “Cement and concrete are essential products for the development of society in areas such as housing and living We recognise our role as part of the solution to decarbonisation we have made progress in pilot projects for CO2 capture installed new co-processing and renewable energy sites and systems All these efforts will contribute toward our decarbonisation journey and help us achieve our goal of producing carbon-neutral concrete by 2050,” said Álvaro Lorenz Engineering and Energy at Votorantim Cimentos Votorantim Cimentos’ global thermal substitution rate – which measures the percentage of biomass and waste used as fuel in cement kilns – through co-processing was 32.1% This rate represents an improvement compared to 2023 when Votorantim Cimentos achieved a thermal substitution rate of 30.9% The clinker factor (which measures the amount of clinker in cement) was 72.5% last year Votorantim Cimentos’ 2030 goal is to reach a clinker factor of 68% by increasing the use of alternative raw materials in line with the concept of the circular economy 34.1% of the electricity consumed by Votorantim Cimentos came from renewable sources excluding the operations in Morocco and Tunisia which were sold by the company last year – the divestment in Morocco is awaiting the fulfilment of usual conditions precedent for this type of transaction to be concluded Votorantim Cimentos' goal is to have 45% of the energy consumed globally come from renewable sources by 2030 “A” score by CDP for the second consecutive year – In February 2025 Votorantim Cimentos received an “A” score for Climate in an assessment conducted by CDP one of the most respected global non-profit organisations that manages the world’s only independent environmental disclosure system for companies states and regions to manage their environmental impacts This score placed Votorantim Cimentos among a select group of companies ranked at the top of the list and among the world’s best cement companies exemplifying best practices in strategic environmental management in the market It also recognises its leadership in transparency and performance related to climate change Product line with lower CO2 emissions in Spain – In October 2024 a new cement and concrete brand for the Iberian Peninsula (Spain and Portugal) designed to reduce CO2 emissions and support more sustainable construction Blenture is the result of significant investments in research and development The brand aligns with the Votorantim Cimentos' sustainability commitments and decarbonisation strategy the use of recycled raw materials and the consumption of non-fossil fuels to drive the circular economy and increase the use of renewable energy Blenture cements and concretes offer competitive solutions to many applications combined with a 30% reduction in carbon footprint CO2 capture projects – Internationally Votorantim Cimentos is making progress in CO2 capture projects in Canada and Spain has started a carbon capture pilot project using the potassium carbonate (HPC) technology This initiative is one of the industry’s first carbon capture experiments in Spain and seeks to expand knowledge about this technology representing an important step in the decarbonisation journey Another initiative in this area is underway in North America where Votorantim Cimentos is working on a pilot project using membrane-based carbon capture technology at the Charlevoix site in Canada Investments in co-processing in Brazil – In 2024 Votorantim Cimentos announced an investment of R$5 billion in a comprehensive programme for the structural growth and competitiveness of Votorantim Cimentos' operations in Brazil through 2028 of which R$1.9 billion is already being invested includes company sites in all regions of the country with structural investments to increase competitiveness and co-processing capacity and significantly reduce CO2 emissions Read the article online at: https://www.worldcement.com/the-americas/11042025/votorantim-cimentos-reduced-its-global-co2-emissions-by-279-between-1990-and-2024/ Votorantim Cimentos ended the third quarter of 2024 with a net profit of R$1 billion a 24% increase compared to R$824 million in the same period last year The company’s global net revenue in the quarter totaled R$7.6 billion excluding foreign exchange rate variations This result was primarily due to positive performance in countries in Europe and Asia which offset the results in North America and Latin America The company’s global cement sales in 3Q24 totaled 10 million t up 3% compared to the same period last year Consolidated adjusted EBITDA (earnings before interest depreciation and amortisation) was R$2.2 billion in the third quarter of 2024 The increase resulted mostly from the balanced portfolio especially with regard to operating results in Europe and Asia operational efficiency combined with lower variable costs “Votorantim Cimentos posted record operating results in the quarter as a result of our diversification and higher sales volumes In line with our strategic mandate and comprehensive growth and structural competitiveness program we increased our investment in the quarter to further strengthen our operations without compromising our financial discipline,” said Osvaldo Ayres Votorantim Cimentos’ investments (Capex) in the third quarter totaled R$635 million This increase was primarily driven by the company’s global strategy of investing in modernization and structural competitiveness in addition to projects linked to its decarbonization commitments The previously announced R$5 billion investment plan in Brazil continues to be implemented The company ended 3Q24 with leverage (measured by the net debt/adjusted EBITDA ratio) of 1.76x This increase was due to foreign exchange rate variations which were partially offset by improved operating results Fitch Ratings upgraded Votorantim Cimentos’ global credit rating from BBB- to BBB reaffirming the company’s investment grade rating “Votorantim Cimentos continues to advance its investments in structural competitiveness as reflected in the upgrade of Fitch’s credit rating which gives us financial flexibility to execute our strategic mandate,” said Antonio Pelicano Taking advantage of good market conditions in the third quarter Votorantim Cimentos issued R$1.1 billion in debentures in the domestic market in a single series maturing in 2031 at a rate of CDI +0.58% per year The company used the funds to pay off loans with shorter maturities and higher costs ahead of schedule Votorantim Cimentos signed an agreement for the full sale of its assets in Tunisia including the effective transfer of operations in the country and the payment of proceeds is subject to customary condition precedents Votorantim Cimentos signed an agreement for the full sale of the shares of its subsidiary that holds all assets in Morocco including the effective transfer of the assets in the country and the financial settlement is subject to customary condition precedents for this type of transaction including approval by the Moroccan competition authority The decision to divest in Tunisia and Morocco is in line with Votorantim Cimentos’ strategy of maximising value for its shareholders and balancing its geographic distribution between mature and emerging markets optimising the risk management of the company’s established portfolio all Votorantim Cimentos plants and offices in the two countries will continue to operate normally Votorantim Cimentos’ net revenue was R$3.5 billion in 3Q24 Adjusted EBITDA in the quarter was R$848 million due to lower variable costs and higher sales volume The National Cement Industry Union (SNIC) revised its 2024 year-end growth expectation for the sector to 2.8% net revenue totalled R$2.6 billion in the third quarter of 2024 which was partially offset by higher prices Adjusted EBITDA in the region was R$923 million driven by improved margins and the sale of property from the concrete business net revenue in 3Q24 was up 10% compared to 3Q23 The increase resulted from higher sales volume and positive price dynamics Adjusted EBITDA in the region was R$332 million up 59% compared to the same period last year in local currency The positive operating result was due to market dynamics and lower variable costs As Tunisia and Morocco are now classified as discontinued operations the consolidated information does not include the results of these countries Dividends received from these operations are included as part of adjusted EBITDA from continuing operations Votorantim Cimentos announced the launch of Blenture a new cement and concrete brand in the Iberian Peninsula (Portugal and Spain) Blenture is the result of a significant investment in research and development It is in line with the company’s sustainability commitments and decarbonisation strategy the use of recycled raw materials and the consumption of non-fossil fuels to support a circular economy and the use of renewable energy Blenture cement and concrete offer competitive solutions for many applications net revenue in the third quarter was R$244 million down 6% compared to 3Q23 in local currency due to market conditions in both Uruguay and Bolivia Adjusted EBITDA in the region was R$62 million in 3Q24 up 18% compared to the same period last year The increase was due to the sale of an asset in Uruguay which offset the negative results driven by challenging market dynamics Read the article online at: https://www.worldcement.com/the-americas/13112024/votorantim-cimentos-closes-q324-with-net-profit-of-r1-billion-an-increase-of-24-compared-to-q323/ Brazil: Votorantim Cimentos has reported that it ended 2024 with global CO2 emissions of 550kg/t of cementitious material produced The level reflects a 1% year-on-year decrease from 556kg/t in 2023 Votorantim Cimentos’ 2030 decarbonisation target approved by the Science Based Target initiative (SBTi) Votorantim Cimentos’ global thermal substitution rate (TSR) was 32% in 2024 34% of the electricity consumed by Votorantim Cimentos in 2024 came from renewable sources The company’s goal is to have 45% of the energy consumed globally come from renewable sources by 2030 All these efforts will contribute toward our decarbonisation journey and help us achieve our goal of producing carbon-neutral concrete by 2050.” the construction industry has employed a high number of men construction sites and senior leadership positions As part of its 2030 Sustainability Commitments a building materials and sustainable solutions company set the goal of having 25% of leadership positions globally occupied by women the company came very close to this target ending the year with 24.8% of leadership positions in global operations occupied by women—an increase of more than four percentage points since 2020 “Votorantim Cimentos’ organisational culture is our guide as we work to create an increasingly diverse and inclusive work environment Diversity and Inclusion is part of our people management strategy It is a matter of competitiveness and also essential to drive innovation and the growth of our business To strengthen this essential pillar of our culture development and retention programmes,” said Cinthia Bossi global director of People and Management at Votorantim Cimentos Inclusion journey – In addition to the targets related to leadership positions Votorantim Cimentos also seeks to increase the percentage of women in operational positions at all levels Votorantim Cimentos hired more than 100 women to work in its operations in Brazil 15% of Votorantim Cimento' operational workforce is made up of women Votorantim Cimentos invests in programmes to train and attract women “Diversity and Inclusion is a journey an ongoing process that must include different approaches from providing technical training to offer women new opportunities in the job market to increasing the presence of women in all types of positions we seek to create inclusive work environments that can help the company remain attractive and modern to retain the best talent in addition to offering internal development programs,” said Cinthia Bossi One of Votorantim Cimentos’ initiatives to accelerate women’s inclusion and promotion to leadership positions is the Technical Training Path for Women a development program for women working in the company’s operations in Brazil to technical and leadership levels in the areas of Maintenance More than 100 employees are currently being trained as part of the first cycle of the programme Votorantim Cimentos also launched a knowledge path to develop female individual contributors called Initiative and Self-Development: Women Building Paths which included the participation of 860 women throughout the year focuses on the development of female leaders More than 250 women have already participated in the program which covers different topics from the perspective of gender and inclusion strategic leadership and professional image are also examples of diversity and inclusion efforts Votorantim Cimentos’ 2025 Trainee Programme has been focusing on corporate areas Six of the seven participants in the new class that started in January are women The 2024 Industrial Trainee Program recruited young adults working in engineering to develop their career in Votorantim Cementos' site There are currently eight trainees participating in the programme Another Votorantim Cimentos initiative is the Evoluir Programme which offers free professional training to employees and residents in the locations where the company operates in Brazil expanding the participants’ opportunities in the job market and reinforcing the commitment to building a positive legacy for society The technical courses are held in partnership with technical professional training entities such as the Brazilian National Service for Industrial Training (SENAI) and the Brazilian Transportation Social Service and National Transportation Apprenticeship Service (SEST/SENAT) the programme had 230 openings for a total of 17 classes in the areas of Mechanical Maintenance with 155 openings reserved especially to women some programs also provide technical and professional training to employees Read the article online at: https://www.worldcement.com/the-americas/26022025/votorantim-cimentos-increases-number-of-women-in-its-operations/ US: Votorantim is in the early stages of preparing for a potential initial public offering (IPO) of its North American cement business The company is reportedly still in talks and has not made a final decision regarding the launch of the IPO received an A score in climate change based on an assessment conducted by CDP one of the most respected international non-profit organisations that runs the world’s only independent environmental disclosure system for companies Based on data reported through the CDP Climate Change 2024 Questionnaire placing Votorantim Cimentos among a small number of organisations that are ranked at the top of the list and exemplify best practices in strategic environmental management in the market CDP holds the most comprehensive and valuable environmental database in the world and its scores are widely used to inform investment decisions in support of a zero-carbon CDP uses a detailed and independent methodology to score companies from A to D based on the level of comprehensiveness in disclosure awareness and management of environmental risks such as setting ambitious and meaningful targets Companies that do not disclose their impacts or provide insufficient information receive an F score “Earning the highest score from CDP for the second year in a row confirms that we are moving in the right direction regarding the climate change agenda The most competitive companies will be those with the lowest greenhouse gas emissions and tackling the negative effects of climate change is at the heart of our strategy We are part of the solution to climate change and recognize the role importance and relevance of our decarbonization journey Our 2030 Sustainability Commitments are public and include targets that are aligned with the United Nations (UN) Sustainable Development Goals (SDGs),” said Álvaro Lorenz Product Development and Engineering at Votorantim Cimentos Votorantim Cimentos’ decarbonisation target for 2030 Votorantim Cimentos has the ambition to produce carbon-neutral concrete by 2050 Votorantim Cimentos’ decarbonisation strategy is based on four main pillars: co-processing (the substitution of fossil fuels used in cement production kilns for other materials especially biomass and waste); the use of cementitious materials including by-products from other industries to replace clinker (the main source of CO2 emissions in the cement production process); energy efficiency and the use of renewable energy sources leveraging company-owned hydroelectric power plants and investments in solar and wind energy; and the development of technologies (use of innovative processes partnerships with various businesses and academic organisations to increasingly optimise resources and reduce carbon intensity) Read the article online at: https://www.worldcement.com/product-news/10022025/votorantim-cimentos-keeps-an-a-score-in-climate-change-from-cdp/ Votorantim Cimentos ended the second quarter of 2024 with a higher net revenue from higher volumes and supported by geographic and product diversification The company recorded global net revenue of BRL 7 billion in the second quarter of 2024 a 1% increase compared to the same period last year excluding the effect of exchange rate variation This result is mainly due to the positive performance of operations in Europe the company’s global cement sales totaled 9.6 million t Consolidated adjusted EBITDA (Earnings Before Interest and Amortisation) reached BRL 1.6 billion in the second quarter a 2% decrease in local currency and stable in the consolidation in the BRL currency compared to 2Q23 This result is due to a balanced portfolio with geographic and product diversification positively impacted by operational performance in Europe Votorantim Cimentos’ net profit was BRL 515 million in 2Q24 10% higher compared to BRL 470 million in 2Q23 Votorantim Cimentos' investments (CAPEX) added up to BRL 679 million This increase is mainly explained by the global strategy for investments in modernisation and structural competitiveness in addition to projects linked to the company’s decarbonisation commitments the first phase of the modernisation project of the Salto de Pirapora plant (in the State of São Paulo The company also concluded the investment in the cement kiln at the St which aims to expand the co-processing capacity of alternative fuels with plastic waste and biomass These two initiatives enhance Votorantim Cimentos’ thermal substitution rate contributing to the company’s decarbonisation journey and sustainability commitments Expansion projects accounted for 13% of the total capital invested in the second quarter of 2024 Votorantim Cimentos announced an expansion in Edealina (State of Goiás with an investment of BRL 200 million for the construction of a new cement grinding line that will double the plant's production capacity The conclusion is expected for the second half of 2025 This amount is part of a comprehensive BRL 5 billion investment programme for the next five years focused on growth and structural competitiveness of Votorantim Cimentos’ operations in Brazil covers the company’s operations in all regions of the country with structural investments aimed at increasing cement production capacity measured by the net debt/adjusted EBITDA ratio 0.24x higher than the same period in 2023 but still in line with the company’s financial policy and aligned with investment-grade indicators The increase is explained by exchange rate variations partially mitigated by improved operational results Votorantim Cimentos maintained a solid liquidity with total cash and financial investments worth BRL 4.9 billion allowing the company to comply with its financial obligations for approximately four years “At the end of the first half of the year our results demonstrate the resilience and effectiveness of our diversification and capital allocation strategy We remain focused on strengthening our structural competitiveness advancing decarbonisation projects and new businesses while maintaining our solid financial discipline We stay on course with our investment plan aligned with our global strategy and strategic mandate” The Moody's rating agency reaffirmed Votorantim Cimentos’ global credit rating in May 2024 keeping the company as an Investment Grade Votorantim Cimentos signed an agreement for the full sale of its assets located in Tunisia to Sinoma Cement Co. a cement based building materials enterprise headquartered in China including the effective transfer of the assets in the country and financial liquidation is subject to the fulfilment of customary precedent conditions including the approval by regulatory authorities The commercial terms of the transaction are confidential This divestment is aligned with Votorantim Cimentos’ portfolio management strategy which seeks to maximise value for its shareholders and balance the geographic positioning between mature and emerging markets optimising the risk management of the company's consolidated portfolio During the analysis by the local regulatory authorities all Votorantim Cimentos’ plants and offices in Tunisia will continue to operate as usual Votorantim Cimentos’ net revenue in the second quarter of 2024 was BRL 3.2 billion Adjusted EBITDA reached BRL 566 million in 2Q24 due to a positive trend in new businesses and an improvement in variable costs net revenue reached BRL 2.2 billion in 2Q24 which was partially mitigated by the increase in prices at the beginning of the year The adjusted EBITDA result in the region was BRL 613 million compared to BRL 647 million in the same period of the previous year The drop in operating results is due to lower volumes and higher variable costs from raw materials by the increase in prices and better operational efficiency an increase of 22% in 2Q24 compared to 2Q23 due to higher volumes in all cluster’s countries and positive price management The region's adjusted EBITDA was BRL 362 million an increase of 19% compared to 2Q23 in local currency The positive operating result was due to the market dynamics and lower variable costs revenue grew 2% in the second quarter of 2024 compared to the same period in 2023 in local currency The region ended 2Q24 with BRL 29 million in adjusted EBITDA excluding the exchange rate variation effect mainly due to the challenging market dynamics in Uruguay and maintenance timing Read the article online at: https://www.worldcement.com/the-americas/14082024/votorantim-cimentos-provides-second-quarter-financial-results/ Spain: Votorantim Cimentos and gas company Enagás have signed an agreement to jointly develop projects for the sustainable management of CO₂ Votorantim Cimentos will focus on CO₂ capture technology at its cement plants while Enagás will explore solutions for the transport storage and loading of CO₂ at its regasification terminals The partnership also includes potential joint applications for European funding to further these initiatives Enagás CEO Arturo Gonzalo said "Enagás and Votorantim Cimentos have clear synergies to jointly advance their commitments to reduce their carbon footprint and based on the knowledge of their areas of activity they have the opportunity to take the initiative to develop more effective sustainable CO₂ management technologies which will be key to achieving the decarbonisation objectives of Spain and Europe.” Votorantim Cimentos has announced that the company has signed an agreement for the total sale of its assets located in Tunisia to Sinoma Cement Co. including the effective transfer of operations in the country and the financial settlement is subject to customary conditions precedent These conditions include approval by regulatory authorities in China Tunisia and the Common Market for Eastern and Southern Africa (Comesa) The commercial terms of the transaction are confidential and will not be disclosed The decision to divest from Tunisia is in line with Votorantim Cimentos' strategy which seeks to maximise value for its shareholders and balance geographic positioning between mature and emerging markets optimising risk management of the company's consolidated portfolio all Votorantim Cimentos factories and offices in Tunisia will continue to operate normally Read the article online at: https://www.worldcement.com/africa-middle-east/30072024/votorantim-cimentos-sells-its-assets-in-tunisia/ Brazil: Votorantim Cimentos has reported that its net profit surged by 24% in the third quarter of 2024 compared to the same period of 2024 Its net revenue increased by 6% year-on-year to reach US$1.33bn This highlights the significant impact of foreign exchange rates on Votorantim's global operations depreciation and amortisation (EBITDA) rose by 20% to US386m Cement sales volume increased by 3% to 10Mt during the quarter The company said that these figures indicate resilient demand across Votorantim's markets despite challenging economic conditions in some regions The company's diversified geographical presence has helped balance market fluctuations Votorantim Cimentos also says that it has made significant progress The company reduced its specific embodied CO2 emissions by 4% to 556kg/t of cement in 2023 It has also increased its alternative fuel thermal substitution rate (TSR) from 26.5% in 2022 to 30.9% in 2023 Tunisia: Votorantim Cimentos has signed an agreement to sell its Tunisian assets to China-based Sinoma Cement for US$130m The deal's completion depends on regulatory approvals from China All of Votorantim Cimentos' plants and offices in Tunisia will continue to operate as usual during the regulatory review Votorantim Cimentos has signed an agreement for the full sale of its partnership in Morocco with all assets located in the country to Heidelberg Materials including the effective transfer of operations in the country and financial liquidation These conditions include approval and clearance by Moroccan Merger Control Authority The commercial terms of the transaction remain confidential optimizing the risk management of the company's consolidated portfolio all Votorantim Cimentos’ plants and offices in Morocco will continue to operate as usual Read the article online at: https://www.worldcement.com/africa-middle-east/16092024/votorantim-cimentos-divests-business-in-morocco/ Brazil: Votorantim Cimentos has launched Blenture a new brand of cement and concrete designed to reduce CO₂ emissions and promote sustainable construction practices developed through significant investment in research and development align with the company’s decarbonisation strategy to utilise recycled materials and non-fossil fuels certified with environmental product declarations by AENOR reportedly offer a 30% lower carbon footprint while maintaining quality ABB Ability™ Expert Optimizer for cement increases process stability and reduces energy costs Imagine you worrying less about ore grade variation impacting your process stability and associated energy consumption. The team at Votorantim Cimentos in Brazil is already living this reality thanks to ABB Ability™ Expert Optimizer for cement Reduction in consumption of grinding media in ball mill alternative fuel management and material blending Use real-time data to enable constant monitoring and analysis of process and assets part of the globally acting Votorantim Cement Group ordered a SpectraFlow Airslide Analyser for raw mill optimisation for their Bowmanville Cement manufacturing unit in Canada This is the first SpectraFlow Airslide Analyser installation in the Votorantim Group and the first SpectraFlow installation in Canada With this order SpectraFlow expands its installed base to 30 countries on all continents The SpectraFlow Airslide Analyser is an online analyser used to measure raw materials in airslides As raw materials are processed through a crusher and raw mill they are made statistically homogeneous and therefore the analytical results of the SpectraFlow Airslide Analyser are highly accurate By using a SpectraFlow Airslide Analyser and a site-specific raw mix proportioning strategy the variation in the local raw materials can be balanced out to increase consistency of the raw meal Cl and SO3 content can monitored far more optimally The more consistent kiln feed results in fewer kiln stoppages decreased refractory problems and increased the clinker production and quality This SpectraFlow order is the 64th order for the Cement Industry and the 1st Airslide Analyser installation in Canada This moves SpectraFlow's worldwide analyser base to 90 analysers (50 Crossbelt & 40 Airslide) in 30 countries across all continents Read the article online at: https://www.worldcement.com/the-americas/13022025/spectraflow-receives-a-new-order-for-one-airslide-analyser-from-st-marys-cement/ and the CEO of Votorantim Cimentos in Spain together with the Chief Operating Officer (COO) & Carbon Solutions of Votorantim Cimentos Europe have signed an agreement to jointly develop projects for sustainable CO2 management from their respective areas of activity From left to right: the Chief Operating Officer (COO) & Carbon Solutions of Votorantim Cimentos Europe Arturo Gonzalo; and the CEO of Votorantim Cimentos in Spain at the agreement signed at the Enagás headquarters Votorantim Cimentos will develop CO2 capture technologies in its cement plants and Enagás will study solutions for its transport storage and loading onto vessels at its regasification terminals located in the area of influence of Votorantim Cimentos' plants The Enagás CEO Arturo Gonzalo highlighted that "Enagás and Votorantim Cimentos have clear synergies to jointly advance in their commitments to reduce their carbon footprint and they have the opportunity to take the initiative to develop more effective sustainable CO2management technologies which will be key to achieving the decarbonisation objectives in Spain and in Europe" In the words of the CEO of Votorantim Cimentos in Spain "the development of logistics infrastructures for the transport and storage of CO2 in Spain is essential for the decarbonisation of our activity and to achieve our goal of climate neutrality by 2050" Enagás and Votorantim Cimentos will study the possibility of jointly participating in European funding application processes such as Innovation Funds and Projects of Common Interest (PCI) The reduction of CO2 emissions and their transport is of growing interest in Spain The results of Enagás' non-binding Call for Interest process presented at the Second Hydrogen Day in January 2024 identified a total of 37 companies interested in CO2 capture — to reduce a total of 10.4 million tonnes per year (Mt/year) — and 53 companies interested in having infrastructure for its transport and storage Brazil: Votorantim Cimentos reported a significant decrease in net profit to US$3.3m in the first quarter of 2024 down from US$15.2m in the same period last year Despite a 1% increase in cement sales volume to 8.1Mt primarily attributed to the inflation of the Brazilian real The company's adjusted earnings before inflation depreciation and amortisation (EBITDA) remained stable at US$149m North American operations saw a 7% decline in revenue impacted by lower sales volumes and adverse exchange rates improving from a US$9.2m loss in the first quarter of 2023 China National Building Material Buys Cement Business in Tunisia for up to USD145 Million (Yicai) July 29 -- A group of companies under China National Building Material Group intends to spend up to USD145 million to buy Tunisian cement production facilities owned by a Spanish unit of Votorantim Cimentos and its two listed units of Tianshan Material and Sinoma International Engineering agreed with Votorantim Cimentos EAA Inversiones to purchase all the equity of Société Les Ciments de Jbel Oust via a newly established special purpose vehicle registered in the United Arab Emirates the buyers recently announced in separate statements without disclosing the expected addition of annual production capacity The preliminary value of the deal is USD130 million but the price might change based on the target companies' audited cash and working capital on the delivery date so the actual transfer might tally up to USD145 million The target assets are mature and integrated cement companies in North Africa which have a long history of stable operations and are located close to a port The deal should help the buyers promote the international layout of their cement business Tianshan Cement is one of China’s major cement producers and Sinoma is an engineering contractor that can make large and medium-sized cement production lines The deal is pending authorization by the Common Market for Eastern and Southern Africa a regional economic organization with 21 member states and regulatory agencies of Tunisia and China The acquisition sparked modest stock price increases CNBM [HKG: 03323] climbed 1.6 percent to HKD2.56 (US 30 cents) in Hong Kong as of 2.53 p.m Tianshan Cement [SHE: 000877] closed 1.5 percent higher at CNY5.36 (US 70 cents) Sinoma [SHA: 600970] ended the day 3.5 percent up at CNY9.88 Two Cleary Gottlieb Steen & Hamilton LLP offices and Machado Meyer Advogados in São Paulo have helped Brazilian materials group Votorantim Cimentos issue U$500 million worth of sustainability-linked notes and launch a concurrent tender offer These firms have professional notices in the Latin Lawyer 250 and McInnis Cement to begin jointly manufacturing distributing and selling cement in Canada and the United States the seventh largest cement producer in the world and Caisse de dépôt et placement du Québec (CDPQ) announced today that they have completed the transaction to combine cement operations in North America After having obtained regulatory approval from authorities in Brazil a wholly owned subsidiary of Votorantim Cimentos can now commence with the integration process with McInnis Cement Inc the parties will combine their North American assets in a jointly-held entity the international investments platform and wholly owned subsidiary of Votorantim Cimentos will hold 83% and CDPQ will indirectly hold 17% of the shares The business combination is expected to significantly strengthen the strategic positioning of the combined operations through increased cement production capacity operational efficiencies and an enhanced distribution network The combined entity will comprise operations in Bowmanville and St. Marys along with an extensive distribution network concentrated in the Great Lakes region — plus the Port-Daniel–Gascons plant and its distribution operations Nova Scotia and the Northeastern region of the United States Moelis & Company LLC acted as exclusive financial advisor for Votorantim Cimentos HSBC served as lead financial advisor to CDPQ on the transaction in collaboration with National Bank Financial and BMO Capital Markets Brazilian multinational firm sold its assets in the Arab country to China’s Sinoma Cement Votorantim reports that the divestment aims at optimizing the risk management of its portfolio São Paulo – Brazil’s Votorantim Cimentos reports it signed on Friday (26) an agreement for the full sale of its assets in Tunisia to Chinese construction firm Sinoma Cement which has achieved diversified development in concrete A press statement explains this divestment is aligned with the Votorantim Cimentos’ strategy which seeks to maximize value for its shareholders and balance the geographic positioning between mature and emerging markets optimizing the risk management of the company’s consolidated portfolio The firm entered Tunisia by buying the operations from Portuguese cement company Cimport in 2010 The financial statements presented by the end of the first quarter show a 8% decline in the demand by the product in the country compared to the same period of 2023 with figures from the National Chamber of Cement Producers (CNPC) Votorantim Cimentos reports that the completion of the transaction is subject to the fulfillment of customary precedent conditions including the approval by regulatory authorities in China Tunisia and in the Common Market for Eastern and Southern Africa (Comesa) Votorantim Cimentos is a leading multinational firm from Brazil It is a building materials and sustainable solutions company with over 13,000 employees the firm has operation plants in other ten countries Read more:Minister launches Tunisia’s office in São PauloBrazil, Tunisia revive business council The Gulf country has deposited its instrument of acceptance of the World Trade Organisation (WTO) Agreement on Fisheries Subsidies, which is aimed at curbing harmful subsidies that contribute to overfishing and promoting the sustainable management of global marine resources. The Brazil-Arab News Agency (ANBA) is the news website of the Arab Brazilian Chamber of Commerce, out of São Paulo, Brazil. Its goal is to promote communication between Brazilians and Arabs. Our Standards: The Thomson Reuters Trust Principles., opens new tab , opens new tab Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. , opens new tabScreen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. © 2025 Reuters. All rights reserved ABB has delivered advanced automation and digital technologies to global building materials and sustainable solutions company Votorantim Cimentos as it embraces Industry 4.0 in cement to simultaneously optimize production and decarbonize operations Asia and Africa Region (VCEAA) – which has the worldwide capacity to produce 55.7 million tons of cement per annum are ramping up their efforts to ensure lower emissions as governments and international organizations push for net-zero emissions by 2030 Digital solutions ABB Ability™ Expert Optimizer and ABB Ability™ Knowledge Manager have recently been installed in the customer’s plants in Spain Tunisia and Morocco with proven impacts for enhanced productivity deployed in Votorantim plants since the 1990s ensures optimization of the complete process and reduces emissions significantly while Knowledge Manager helps in standardizing and ensuring consistency in collecting and analyzing laboratory data across the plants Expert Optimizer will minimize energy costs while maximizing the use of alternative fuels and at the same time maintaining and improving the quality of the product Working closely with Votorantim in engineering and project management ABB has also provided the Expert Optimizer RMP module to the raw mix to enhance the quality of raw material products going to the kiln discrete lab data is combined with continuous process data to optimize production while maintaining cement quality “Votorantim Cimentos has committed to a substantial reduction in CO2 emissions by 2030,” said Juan Antonio Gimenez Soriano VCEAA Maintenance and Sustaining Capex Manager “We are increasing our efforts to drive energy efficiency to meet our emissions targets With the recent ABB installations showing better than expected results our other plants are also pushing for the implementation of the ABB solutions.” “ABB has proven for many years to be a reliable partner in developing one of our strategical pillars to be the best-in-class in operations,” said Jose Maria Hidalgo together with the ability of their managers and technicians to understand the cement process challenges and needs has made us decide to continue with them in the current projects on digitalization and decarbonization.” “Votorantim Cimentos is placing more focus on running an intelligent plant and this will ensure less impacts on the environment,” said Marie O’Grady-Hills “We are working with a forward-thinking and modern company focused on productivity but also on contributing to building a sustainable and safe planet We look forward to supporting Votorantim in future digital endeavors while ensuring their operations remain economically viable.” ABB has the expertise to ensure higher efficiency in the cement industry using tailored processes and laboratory reporting products The variability of the feed and fuel will be optimized with the main aim to save money for the plant the emissions will be controlled and reduced making the process more environmentally friendly ABB’s Sustainability Strategy 2030 includes achieving carbon neutrality in its own operations and helping its customers reduce their CO2 emissions ABB’s greenhouse gas emissions reduction targets have been validated by the Science Based Targets initiative as being in line with the 1.5°C scenario of the UN Paris Agreement ABB (ABBN: SIX Swiss Ex) is a technology leader in electrification and automation enabling a more sustainable and resource-efficient future The company’s solutions connect engineering know-how and software to optimize how things are manufactured Building on more than 130 years of excellence ABB’s ~105,000 employees are committed to driving innovations that accelerate industrial transformation ABB’s Process Automation business is a leader in automation electrification and digitalization for the process and hybrid industries We serve our customers with a broad portfolio of products including our # 1 distributed control system industry-specific products as well as measurement and analytics and marine offerings and are dedicated to helping our customers increase competitiveness improve their return on investment and run safe ABB's website uses cookies. By staying here you are agreeing to our use of cookies. Learn more I agree Canada: Votorantim Cimentos subsidiary St Marys Cement has entered redemption of all its outstanding 2027 senior notes, at a value of US$229m. The company notified the holders of the notes accordingly. © 2025 Pro Global Media Ltd. All rights reserved. HTTP Error 400. The request URL is invalid. Reporting by Gabriel Araujo; Editing by Toby Chopra and Chizu Nomiyama has signed a financing agreement with the International Finance Corporation (IFC) the largest global development institution focused on the private sector in emerging markets and a member of the World Bank Group Votorantim Cimentos is the first Brazilian cement company to sign with IFC a contract linked to sustainability indicators The US$ 150 million investment will be allocated to the Salto de Pirapora plant to increase its thermal substitution rate and reduce its CO2 emissions The project is part of the company’s long-term sustainability strategy and is expected to be completed by 2028 is linked to sustainability commitments and specifies that the financial cost for the company may decrease depending on the achievement of Votorantim Cimentos’ CO2 reduction target as approved by the Science Based Targets initiative (SBTi) IFC will provide technical advisory to other projects that are part of the company’s decarbonization journey more than 30% of the fuels used by the Salto de Pirapora plant are considered alternative fuels (biomass The implementation of this project is expected to double the site’s capacity to use alternative fuel “This project is an important step in our decarbonization journey and is in line with Votorantim Cimentos’ 2030 Sustainability Commitments We are excited to not only sign this financing agreement with an institution like IFC which has climate change as one of its priorities but also to establish a partnership for initiatives in our sustainability agenda,” said Álvaro Lorenz global director of Sustainability at Votorantim Cimentos the project illustrates the need for alignment between the finance and sustainability areas of companies in addition to the importance of maintaining relationships with multilateral agencies “The decarbonization agenda is one of the biggest challenges for the coming years Being able to benefit from competitive and long-term loans through partnerships with institutions such as IFC will be essential to enable new projects,” said Nasser “the cement industry is a fundamental part of the future development and urbanization of developing countries and IFC’s investment in Votorantim Cimentos represents an important steppingstone in the process of improving greener supply capacity in the cement sector paving the way to attracting more investment and further developing Brazil’s infrastructure” Decarbonization journey – Votorantim Cimentos’ 2030 decarbonization target is to reach 475 kg of CO2 per tonne of cement which represents a 24.8% reduction in emissions compared to the base year 2018 Votorantim Cimentos reduced its global CO2 emissions per tonne of cement by 24% the company’s global emissions totaled 579 kg of CO2 per tonne of cement produced One of the primary contributors to this result is co-processing a technology that replaces fossil fuel with other materials 31.3% of the fuel used by Votorantim Cimentos plants was from alternative sources the company’s Brazilian operations used 1.3 million tonnes of waste and biomass—a 20% growth compared to 2021 Read the article online at: https://www.worldcement.com/the-americas/21072023/votorantim-cimentos-and-ifc-sign-a-us150-million-financing-agreement/ This website is using a security service to protect itself from online attacks The action you just performed triggered the security solution There are several actions that could trigger this block including submitting a certain word or phrase You can email the site owner to let them know you were blocked Please include what you were doing when this page came up and the Cloudflare Ray ID found at the bottom of this page Brazil: Votorantim Cimentos plans to invest US$1bn in expanding its Brazilian operations in the period up to the end of 2028 US$304m-worth of the investments are already underway at the start of 2024 Reuters has reported that the investments include cement plant projects to raise Votorantim Cimentos’ Brazilian cement production capacity by 8.8% to 37Mt/yr These include a US$162m investment in a 20% capacity expansion to its Votorantim cement plant and a US$60.8m 1Mt/yr expansion to its Salto de Pirapora plant Further aims are to ensure structural competitiveness raise energy efficiency and digitise operations including applying artificial intelligence (AI) to freight The producer expects its earnings before interest and amortization (EBITDA) to eventually rise by US$263/yr between 2023 and 2028 as a result Banco Votorantim has enlisted Lefosse to buy Brazilian fintech Acesso from local technology company Méliuz for 210 million reais (US$43 million) Votorantim Cimentos North America (VCNA) a supplier of building materials to the construction industry in U.S to leverage early-stage emerging technology VCNA says joining the Plug & Play Sustainability Platform will enable the company and its business units to source and partner with top technology startups to support its innovation strategy in construction site optimization and decarbonization initiatives “Working with Plug & Play provides us with access to a unique startup ecosystem with global reach that we can leverage as another strategic tool to enhance our innovation and sustainability efforts,” says Filiberto Ruiz “We anticipate their combination of speed and extensive portfolio of potential partners will help accelerate our processes to generate value to our customers and technological improvements as we provide more sustainable solutions for the construction industry.” Plug & Play says its partnership with VCNA will accelerate its development of technology solutions in a wide range of focus areas such as digitization carbon reduction technologies and carbon capture storage and utilization “We are very excited to welcome VCNA and St Marys Cement as recognized leaders in the construction industry to join our open innovation platform,” says Saeed Amidi “Their commitments to sustainability and the exploration of new cutting-edge technologies sends a clear message that they are ready to collaborate with startups and industry leaders to advance innovation in their offerings.” Votorantim Cimentos’ new partnership focuses on sustainability Aggregate Industries name new president and CEO How Cemex fared in the first quarter of 2025 Martin Marietta ‘off to a strong start’ to 2025 Vulcan Materials delivers ‘strong’ first-quarter performance Pit & Quarry is the leading aggregates industry magazine and the equipment and technology media source for the crushed stone The bank on 1 October announced on its website: “We are in Luxembourg!” The number of credit institutions in Luxembourg has been declining for years, due in part to mergers and consolidation, even though the sector continued to grow in terms of total assets and profitability. “With a team of experienced specialists in the Brazilian and Luxembourg markets, BV Luxembourg offers corporate loans, financing for foreign trade activities and foreign currency deposits for major clients as well as investment services for institutional clients,” the bank said in a statement. It has launched activities with ten employees in Luxembourg. The aim is to connect Brazilian clients with European and international markets, and international institutional investors with Brazilian business opportunities. In 2023, Banco BV was the market leader in Brazil for car financing and the financing of solar panels. The bank generated a net profit of 1.2 billion real (around €200 million) in 2023, which was 21% less than the previous year, according to its annual report. BV is jointly owned by the Votorantim Group and the Brazilian state-owned Banco do Brasil. Votorantim itself is an investment holding company that owns companies in various sectors such as construction materials, finance, renewable energies, infrastructure, base metals, orange juice, long steel, real estate and healthcare. It reported a net profit of €300 million in 2023. Together with BV Bank, the 116 credit institutions in Luxembourg employ around 26,000 people. 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