CEMEX Announces New U.S.$300 Million Investment in the Philippines
May 14 2015 - 08:30AM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that
it is undertaking a new U.S.$300 million investment in the
Philippines. The new investment will include the construction of a
new 1.5-million-ton, integrated cement-production line at CEMEX’s
Solid Plant in Luzon. This will double the capacity of the Solid
plant and will represent a 25% increase in the company’s cement
capacity in the Philippines.
With the recent visit of Fernando A. Gonzalez, Chief Executive
Officer of CEMEX and his executive team in the country, highlighted
by a meeting with His Excellency President Benigno S. Aquino III,
CEMEX emphasized its continued commitment to the growth of the
country. “We see a positive outlook in the business environment and
we are committed to be a reliable cement supplier given the growing
need for high quality building materials required for public
infrastructure, commercial projects, and housing,” said Fernando A.
Gonzalez.
Earlier this month, CEMEX Philippines officially inaugurated the
completed capacity expansion in its APO plant in Cebu, the largest
cement plant in the country, as well as a network of logistics
centers in Visayas and Mindanao. The inauguration of the new
facility coincided with the Labor Day celebration and was likewise
graced by President Aquino and several of his cabinet members. The
U.S.$80 million investment increased CEMEX’s cement production
capacity in its APO plant by 40 percent, and helped improve
distribution capabilities with additional terminals in Iloilo and
Davao.
“We are preparing our facilities for the increasing demand in
the Philippines, reiterating our commitment to support the
development of the country,” said Joaquin Estrada, President of
CEMEX Asia. “We endeavor to be a partner of the Philippine
government and the business community in ensuring growth and
progress.”
In addition, CEMEX Philippines has set up an U.S.$18.6 million
waste heat-to-energy power plant which will capture the excess heat
in one of its cement production facilities to produce usable
electricity. To date, CEMEX Philippines is already using
alternative fuels such as rice husks and refuse-derived fuel (RDF)
as part of its fuel mix to minimize energy costs.
CEMEX Philippines President Pedro Palomino remains optimistic
with all these developments within the company, “we are definitely
here for the long run and we remain committed to helping build a
better future for the Philippines,” he stressed.
CEMEX is a global building materials company that provides
high-quality products and reliable services to customers and
communities in more than 50 countries. CEMEX has a rich history of
improving the well-being of those it serves through innovative
building solutions, efficiency advancements, and efforts to promote
a sustainable future.
For more information, please visit: www.cemex.com
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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 CEMEX or the project herein
described to be materially different from those expressed or
implied in this release. 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. CEMEX assumes no obligation to update or correct the
information contained in this press release.
CEMEX, S.A.B. de C.V.Media Relations:Jorge
Perez, +52 (81) 8888-4334mr@cemex.comorInvestor
Relations:Eduardo Rendon, +52 (81)
8888-4256ir@cemex.comorAnalyst Relations:Luis Garza,
+52 (81) 8888-4136ir@cemex.com
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