Daniel Uttelbach (44) has been appointed to the Management Board of KHD Humboldt Wedag International AG (KHD), effective January 1, 2015. As Executive Vice President he will be in charge of Sales & Technology for the Group.
KHD Humboldt Wedag International AG (KHD) has entered into a second € 50 million loan agreement with AVIC International (HK) Group Ltd., Hong Kong, as the borrower.
The loan bears interest at a rate of six percentage points per annum. The term of the loan agreement is three years.
AVIC International Holding Limited (AVIC International), indirect majority shareholder of KHD Humboldt Wedag International AG (KHD), is a listed company on the Hong Kong Stock Exchange. As a consequence of acquiring the majority of KHD shares and in accordance with Chapter 14 of the Hong Kong Stock Exchange listing rules, AVIC International is required to publish an Accountants’ Report of the KHD Group as an appendix to the Circular on major acquisitions.
The earnings position of KHD Humboldt Wedag International AG (KHD), one of the world’s leading providers of equipment and services for the cement industry, continued to be affected by weak market conditions and unsatisfactory margin quality in the order backlog in the first half of 2014.
KHD Humboldt Wedag International AG (KHD) has replaced its existing bonding line facility with a new long-term solution. On August 25, 2014, KHD cancelled its existing bonding line facility with a consortium of banks, which had issued bank guarantees of over € 80.3 million as per December 31, 2013. The Group replaced this facility with two bilateral bonding line agreements with the Deutsche Bank AG (€ 40 million) and the Raiffeisen Bank International AG, Wien (€ 38 million).
KHD Humboldt Wedag International AG (KHD), Cologne, is updating its annual budget and adjusting its forecast for the 2014 financial year accordingly. Although the Parts & Services segment is expected to perform better than originally planned, the Capex segment has been strongly affected by risks arising from the current economic and political developments.
KHD Humboldt Wedag International AG (KHD) has entered into a € 50 million loan agreement with AVIC International (HK) Group Ltd., Hong Kong, as the borrower.
In today’s Annual General Meeting the shareholders of KHD Humboldt Wedag International AG (KHD) passed a resolution to reduce the number of Supervisory Board members to three persons and re-elected Ms. Eliza Suk Ching Yuen and Mr. Hubert Keusch as members of the Supervisory Board. Mr. Kangning Zou was newly elected as a member of the Supervisory Board.
ZAB Zementanlagenbau GmbH Dessau a subsidiary of KHD Humboldt Wedag International AG has signed contracts totaling over € 90 million for equipment and services for a new cement plant consisting of two 3,000 tpd clinker lines. The customer, Pervaja Cementnaja Kompanija (PZK), is part of the same Group as major Russian construction company SU-155.
ZAB Zementanlagenbau GmbH Dessau, a subsidiary of KHD Humboldt Wedag International AG, has received notice of project termination from Stavropolsky Zavod Stroitelnih Materialov, a member of the EUROCEMENT group.