Displaying items by tag: Jamaica

Jamaica: Caribbean Cement has announced plans to invest US$11.5m in total in capacity-expanding upgrades and modernisation of its cement production over the next three years to 2024. The Jamaica Information Service has reported that the company reached its current installed cement production capacity of 1.3Mt/yr after US$82.4m-worth of investments between 2016 and 2020. The subsidiary of Mexico-based Cemex operates an integrated cement plant at Rockford in Kingstown.

Jamaica: Caribbean Cement’s revenue grew by 13% year-on-year to US$134m in 2020 from US$119m in 2019. Operating earnings rose by 32% to US$42m from US$28.8m. The subsidiary of Mexico-based Cemex said that he increase in revenue was related to stronger domestic demand and the company's capacity to supply the local market.

Jamaica: Caribbean Cement says that it produced a record 0.94Mt of cement in 2020 due to market demand. This has been attributed to capital investment, positive government policies in response to the coronavirus pandemic, the company’s own reaction and the ‘expertise’ of its employees. It said it did not experience an overall loss of productive time due to closures related to the public health situation. Heavy rainfall, inconsistent power supplies and disruptions to mining in the third quarter of 2020 prevented the cement producer from surpassing 1Mt for the year.

“The market responded opposite to what might have been expected given the pandemic. Instead of slowing down, construction grew, and we kept in step with our customers by meeting their demand consistently. We will continue to ramp up production as the market grows,” said Yago Castro, General Manager of Caribbean Cement. He added, “The Government of Jamaica assessed the situation well and allowed critical sectors to continue operating once certain protocols were followed. Prioritising health, while keeping economic goals in mind, have mitigated against the negative impact on our sector.”

Jamaica: Caribbean Cement has signed a new retroactive three-year collective labour agreement with the Union of Clerical Administrative and Supervisory Employees (UCASE). Under the agreement, employees will receive an 18% pay rise over the three-year period ending on 30 June 2021. The Jamaica Observer newspaper has reported that the deal will also provide a 10% raise in call-out pay, a transportation allowance and scholarships for employees’ children. It also alters the existing profit sharing scheme, housing benefits and loan programmes.

Haiti: Jamaica’s Caribbean Cement has begun exporting clinker to Haiti. The Jamaica Observer reports that the first shipment of 7500t of clinker was of surplus material from the company’s 1.3Mt/yr Rockfort Plant. The plant has received US$162m in capital expenditure since 30 June 2015.

Jamaica: Caribbean Cement has commissioned an automatic palletiser. The project cost around US$66,500, according to the Gleaner newspaper. It is part of a US$9m investment on capital projects in 2019. The cement producer is planning to increase its output to 1.2Mt/yr by December 2020 compared to 0.95Mt/yr at present. The subsidiary of Mexico’s Cemex operates an integrated plant in Kingston.

Barbados/Jamaica: Trinidad Cement has made changes to its executive management at its subsidiaries in Barbados and Jamaica. It has appointed Carlos Roberto Cordero Castro as the General Manager of Arawak Cement in Barbados. He succeeds Yago Castro Izaguirre in the role from 1 August 2019. It has appointed Castro Izaguirre as the General Manager of Caribbean Cement. He succeeds Peter Donkersloot Ponce from 1 August 2019.

Jamaica: Caribbean Cement’s revenue rose year-on-year by 6% to US$133m in 2018 from US$125m in 2017. Its profit more than doubled to US$18.7m to US$8.4m.

Jamaica: Caribbean Cement has taken out a five-year loan for US$3bn from the National Commercial Bank Jamaica to repay debt. It also said that some of the loan would be used for general corporate purposes, according in the Gleaner newspaper. The cement producer is also planning to expand its gypsum and limestone operations at two sites but it is unknown if the new borrowing will be used to fund this. The latest loan follows a US$102m loan from its parent company, Cemex España in June 2018.

Jamaica: Cemex España, a subsidiary of Cemex, has agreed to lend Caribbean Cement US$102m to purchase assets mainly consisting of the Kiln 5 and Mill 5 processes at its plant at Rockfort plant Kingston. Any remaining funds will be used for ‘general corporate purposes.’ In May 2018 Caribbean Cement signed an agreement to buy plant equipment from its parent company Trinidad Cement for US$118m that was originally leased to it. Cemex owns a controlling stake in both companies.