Mexico: Mexican billionaire Carlos Slim and businessman Antonio del Valle have joined forces in a new cement venture in Mexico that plans to start operations in early 2013 with a capacity of 1Mt/yr.
Cementos Fortaleza, part of business group Elementia, is nearing completion of a plant in central Mexico at an investment of US$300m. In its initial phase the plant is expected to supply cement to retail users in central Mexico. The plant's first deliveries are expected in February 2013. Cementos Fortaleza will have an estimated 3% market share to begin with. It will compete with companies such as market leader Cemex and Holcim Apasco, a unit of Switzerland's Holcim.
Elementia Chief Executive Eduardo Musalem said at a press conference that Slim, through his company Grupo Carso SAB owns 46% of the Elementia and Del Valle 54%. Del Valle is one of the principal shareholders and honourary chairman for life of chemicals company Mexichem SAB.