Cemex announced on Thursday that its subsidiary, Cemex Latam Holdings (CLH), will build a new cement factory in the Republic of Colombia. The total investment in the cement plant is expected to reach nearly US $340 million and will increase CLH's annual cement production capacity in Colombia from 4.5 million tons to nearly 5.5 million tons.
It is reported that the construction of the project will be completed in the second half of 2016, and the plant will adopt modern and efficient technology to meet quality and environmental standards.
The plant will be strategically located in Antioquia, Colombia, due to the region's high level of economic growth and the prospect of further benefiting from the construction of infrastructure projects under Colombia's Highway Concession Program.
"We are proud to contribute to Colombia's development and look forward to continuing to be a long-term partner in its path to prosperity and sustainability," said Fernando A. Gonzalez, CEO of Cemex. "We are pleased with the positive outlook and operating environment in this dynamic market."
It is reported that the financial support of the project will come from the free cash flow of CLH. The project is expected to generate approximately 1,000 jobs directly during the construction phase, in addition to approximately 300 jobs upon commissioning.
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