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LUGANO, Switzerland - NovaAlgoma Cement Carriers Limited announced Thursday it has entered a definitive agreement with P&O Maritime Logistics (POML), a DP World subsidiary, for POML to acquire a 51% controlling stake in NovaAlgoma’s wholly owned cement assets.
NovaAlgoma, a joint venture between Algoma Central Corporation (TSX:ALC) and Nova Marine Holdings SA, will retain a 49% minority interest in the assets through a new entity based in Dubai. The transaction excludes NovaAlgoma’s joint venture interests in Northern Europe, Indonesia, and Greece.
According to the company’s statement, daily operations of the NACC vessels will remain unchanged, with the current teams continuing to manage the fleet both commercially and technically.
The cement assets involved in the transaction serve infrastructure markets across North America, Europe, the Mediterranean, South Asia, and the Caribbean, using vessels equipped with pneumatic handling systems specialized for transporting dry-bulk commodities.
"DP World brings strong market presence around the world, including in regions we’ve yet to enter," said Gregg Ruhl, President and CEO of Algoma.
Vincenzo Romeo, CEO of Nova, stated the partnership "will allow us to expand the geographic reach of our fleet and better serve global logistics demands."
The transaction, subject to regulatory approvals, is expected to close in the coming months, according to the press release statement.
NovaAlgoma was established in 2016 and describes itself as the world’s leading operator of specialized pneumatic cement carriers. DP World operates in 79 countries with over 115,000 employees, providing supply chain solutions including ports, marine services, logistics, and technology.
In other recent news, Alcon Inc. has received approval in Canada for its Clareon PanOptix Pro intraocular lens, which features advanced technology to reduce light scatter for cataract patients. The new lens is set to be available in early 2026 and aims to enhance visual outcomes with improved light utilization. Meanwhile, BofA Securities has lowered its price target for Alcon to CHF89 following the company’s challenging first-quarter results but maintained a Buy rating, citing Alcon’s structural growth potential and future product launches. Stifel also reiterated its Buy rating on Alcon, highlighting the potential stabilization of its U.S. intraocular lens market by late 2025 or early 2026. The firm, however, noted challenges in the international market due to increasing competition. Furthermore, Citi has reaffirmed a Buy rating on Alcon with a price target of CHF99 after the FDA approved the company’s dry eye treatment, TRYPTYR. This approval is expected to contribute significantly to Alcon’s earnings, with Citi projecting potential peak sales of US$250 million. These developments reflect a mix of opportunities and challenges for Alcon as it navigates the evolving eye care market.
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