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CEMEX Latam Holdings announces new cement plant in Colombia
- CLH to invest approximately US$340 million
- New facility expected to increase cement production capacity by close to 1 million tons per year
CEMEX Latam Holdings, S.A. ("CLH") (BVC: CLH), announced today that it will begin the construction of a cement plant in Colombia. The total investment is expected to reach approximately US$340 million and to increase CLH’s cement production capacity in Colombia from 4.5 to close to 5.5 million tons per year.
The first phase of this project includes the construction of a new grinding mill that is expected to start cement production during the second quarter of 2015. The rest of the plant should be completed during the second half of 2016. The plant will operate using modern and efficient technology to comply with high quality and environmental standards.
This facility will be strategically located in the Antioquia department. This region has enjoyed high levels of economic growth and is expected to further benefit from the construction of infrastructure projects under the highway concession program in Colombia.
Carlos Jacks, CEO of CLH, said: “This plant will strengthen our position in Colombia, allowing us to capitalize on the increasing levels of construction activity. We will be closer to our customers tailoring our unique portfolio of innovative building solutions to suit their evolving needs.”
“The complete project will be financed with our free cash flow. It is expected to generate approximately 1,000 direct jobs during the construction phase and about 300 jobs once the operations begin, reiterating our commitment to promote the development of our communities.”
Neighboring communities will also benefit from CLH’s social initiatives and inclusive businesses like Bloqueras Solidarias and Patrimonio Hoy, community training and education programs, team-sports facilities, among others.
With this project CLH continues its expansion in Colombia. In 2013, CLH started operations in a new cement grinding plant in the Caribbean coast in Colombia, with an investment of about US$50 million. Since 2010, the number of ready-mix plants in CLH’s operations in Colombia has more than doubled, with a significant increase in the ready-mix and cement fleet.
CLH is a regional leader in the building solutions industry that provides high-quality products and reliable service to customers and communities in Colombia, Panama, Costa Rica, Nicaragua, El Salvador, Guatemala, and Brazil. CLH’s mission is to encourage the development of the countries where it operates through innovative building solutions that foster well-being.
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of CLH to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CLH does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, changes derived from events affecting CEMEX, S.A.B de C.V. and subsidiaries (“CEMEX”) and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CLH assumes no obligation to update or correct the information contained in this press release.