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CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX), announced today that it is planning to expand the cement production capacity of its APO plant in the Philippines by 1.5 M metric tons per year. Through an investment of approximately US$65 million, the company will increase production and strengthen its distribution network to better serve high-demand areas throughout the country. The increase is expected to be operational by the first quarter of 2014.
With this new investment, CEMEX will keep pace with the Philippines market’s rapid growth. The country registered a gross domestic product growth of 6.1% in the first half of 2012, according to the National Statistical Coordination Board. The Metropolitan Manila Development Authority has begun multiple infrastructure projects as the country recovers from damage caused by extreme weather conditions.
“Infrastructure development has been one of the constant needs of the country and it has to be addressed with urgency,” says Pedro Palomino, Country President of CEMEX in the Philippines. “We are proud to be a part of the development of the Philippines and wish to be a long-term partner on its path to a prosperous, sustainable future.”
At a global level, CEMEX is constantly adjusting its operations to keep pace with rapidly changing market conditions. In emerging economies like the Philippines, the company is investing to take full advantage of growing demand for building materials.
CEMEX is a global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future.
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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 to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, and various other factors. CEMEX assumes no obligation to update or correct the information contained in this press release.