CEMEX strengthens presence in Jamaica - CEMEX strengthens presence in Jamaica
August 5, 2021
- Caribbean Cement Company Limited (“CCCL”), a CEMEX subsidiary in Jamaica, plans to expand its cement production capacity.
- This investment highlights CEMEX's growth strategy as part of its Operation Resilience program.
- With this investment, CEMEX would enhance the offering of low-carbon products and solutions to contribute to its CO2 reduction targets.
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that, as part of its growth strategy, it plans to upgrade and increase the capacity of its cement production plant located in Rockfort, Jamaica, by 30%. This planned increase would strengthen the self-sufficiency of the national cement industry, reduce dependency on cement imports, and reinforce CCCL’s ability to serve the growth of the construction sector in Jamaica and the Caribbean. This investment is designed to be accretive and aligned to the company´s climate action goals through the production of low-carbon products.
CEMEX anticipates that once this planned expansion is finished, CCCL will increase its existing cement production capacity by approximately 300,000 metric tons, through the implementation of state-of-the-art technologies. The expansion will introduce novel grinding additives to the manufacturing process and further enhance the production of low clinker products in the region.
This planned major upgrade is currently scheduled for the second half of 2022. The investment is consistent with CEMEX’s growth plan in Jamaica and seeks to strengthen its capacity to respond to local market's demand as well as exports needs over the medium term.
By optimizing the heat consumption in the cement production process, this project would minimize CCCL´s carbon footprint in Jamaica and allow CEMEX to progress in its ambitious sustainability targets under its Future in Action program.
"At Caribbean Cement Company Limited, we reiterate our commitment to the sustainable development of Jamaica's economy. With this investment, we will create jobs and promote the local industry in the country while minimizing our carbon footprint," said Jesus Gonzalez, President CEMEX South, Central America and the Caribbean. "These are the actions by which CEMEX builds a better future."
The current estimate of the total value of the investment is approximately US$30 million. Currently, CCCL supplies more than one million metric tons of cement to Jamaica, this production is expected to increase with this planned project.
CEMEX is a global construction materials company that is building a better future through sustainable products and solutions. CEMEX is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. CEMEX is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the use of new technologies. CEMEX offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience, enabled by digital technologies. CEMEX operates in Jamaica throughout its subsidiary Caribbean Cement Company Limited, a publicly listed company at the Jamaica Stock Exchange. For more information about CEMEX and Caribbean Cement Company Limited, please visit: www.cemex.com & www.caribcement.com
CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations reflected herein. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
Analyst and Investor Relations
Analyst and Investor Relations