Feb 2016 Financial News

Caribbean Cement, under Mexican leadership, goes for bigger slice of trade pie

Feb 03, 2016

CARIBBEAN Cement Company Limited (CCCL) says it will increase capacity by one-third with a US$30-million investment into the plant over the next 15 to 18 months.

The decision to expand follows significant changes to management in 2014 and a new deal struck with former cement importer Tank-Weld towards the end of 2015.

Leading the charge is CEMEX executive Alejandro Vares who was appointed general manager of CCCL, replacing outgoing head Anthony Haynes in mid-2014.

Vare’s appointment followed the increase in shareholding in CCJ’s parent company Trinidad Cement Limited from 20 per cent to 39.5 per cent by global cement manufacturer and distributor CEMEX.

CEMEX further reorganised management for its global operations at year end 2015, appointing Jaime Muguiro Domínguez as President of CEMEX South, Central America and the Caribbean, among other changes.

Capacity at CCCL’s plant in Jamaica is expected to grow from 1.2 to 1.6 million tonnes per annum. The investment will see an upgrade of various equipment in the kiln area, a new coal mill and investments to improve the company’s environmental performance, a notice to the Jamaica Stock Exchange said.

Board approvals for the move were secured from the local company on January 19, 2016 and the parent board (Trinidad Cement Limited) on January 21, 2016.

Locally, CCCL increased market share when it inked a deal with cement importer and distributor Tank-Weld Metals Ltd to distribute locally produced Carib Cement to the Jamaican market.

CEMEX indicates on its website that it produces, distributes, and markets cement, ready-mix concrete, aggregates, and related building materials in more than 50 countries, and trades with approximately 108 nations.

In 2013, it said, global sales were US$15.23 billion. Cement produced during that year was 94 million tons.

Source:
BY AVIA COLLINDER
collindera@jamaicaobserver.com
Business reporter
Jamaica Observer
Wednesday February 3, 2016

http://www.jamaicaobserver.com/business/Caribbean-Cement--under-Mexican-leadership--goes-for-bigger-slice-of-trade-pie_50497