Aug 2011 Financial News

TCL, Haiti cement deal

Aug 25, 2011

The TCL Group has entered into a long-term agreement with the Win Group of Haiti for the establishment and operation of a cement terminal on approximately five acres of land at Terminal Varreux in Port-au-Prince.

The effects of the January 12, 2010 earthquake stimulated tremendous support from the Caribbean Community, and the TCL Group, being the largest supplier of cement to Caricom of which Haiti is a member, was determined to make a more fundamental investment in Haiti and significantly assist in the massive reconstruction efforts required, in particular at Port-au-Prince.

The project has been in the planning process over the last year and includes important pillars for sustainability and growth beyond the country’s immediate requirements, including the Group’s decision to work with the reputable, well-established Haitian conglomerate WIN Group. WIN Group’s companies are some of the oldest and longest operating corporations in Haiti and are currently involved in related as well as diverse industries such as port operations, petroleum storage, diversified warehousing and industrial parks.

Phase 1 of the project will see the establishment of a Cement Warehouse Facility/Operation within six months, for the supply of bagged cement (42.5kgs) originating at Caribbean Cement Company Limited (CCCL), the TCL Group’s operation in Jamaica, while further evaluation of a cement bagging terminal is actively pursued.

Phase 2 will be the establishment of a 400,000mt Cement Terminal over three to four years, contingent on demand-supply dynamics and the completion of a detailed engineering and feasibility evaluation. Bulk cement will then be imported from CCCL via dedicated cement carriers and packaged in 42.5kg and jumbo bags at the upgraded facility to satisfy the varying needs of customers. Consideration has also been given to the establishment of a pre-mixed concrete (readymix) operation within one (1) year.

TCL Group CEO, Dr Rollin Bertrand remarked, “Carib Cement, by virtue of its proximity and surplus production capacity is best poised to deliver cement supplies for the Haitian Government’s ‘Action Plan for the National Recovery and Development of Haiti’ and the Private Sector’s ‘Vision and Roadmap for Haiti’ in a most reliable and timely manner”. He further stated, “This is not uncharted territory for CCCL, as the company has been supplying Haiti with its flagship brand, Carib Cement Plus in modest quantities through a reputable distributor, the Crestonbury Group for the last year.”

Apart from its investment for the supply of materials (cement and concrete) to the reconstruction effort, CCCL is keen to participate in and support the Haitian Government’s mandate for establishing suitable building codes. The company will also offer appropriate training in the proper use of cement and concrete for masons/contractors and other construction industry personnel on a wider national level.


Source:
Newsday
Thursday August 25, 2011

http://www.newsday.co.tt/businessday/0,146225.html