Cemex Closes 5 plants in Costa Rica

In the face of a 20% to 30% decrease in the demand for cement and concrete, the multinational closed five of its concrete plants.

Wednesday, April 22, 2009

Of the three production lines that Cemex has in Costa Rica, cement, concrete and aggregates, the concrete sector has been hardest hit by the crisis. With the closing of the 5 facilities, there are only 3 left operating.

The company also laid-off 50 people. According to what was published in Nacion.com, the director of Cemex Costa Rica, Carlos Gonzalez, said that "75% [of layoffs] were specific to the concrete area."

Additionally, "The crisis also slowed investments. This year, this item will only have about $2 million added (to the cement and concrete plants) when it was usual to invest $8 to $10 million annually."

More on this topic

A Problem That Would Have Been Nice To Have

September 2011

With the economy slowing down demand for electricity in Costa Rica will no longer increase, as was expected, and the prospect of supply deficit has gone away.

The Instituto Costarricense de Electricidad (ICE) has revised downwards the projected increase in electricity consumption for the coming years, which temporarily removes pressure on any new generating plants.

CEMEX to supply cement for Panama Canal expansion

July 2010

The supply contract calls for approximately 500 thousand tons of cement.

CEMEX, S.A.B. de C.V. (NYSE: CX) announced the signing of a supply contract with “Consorcio Grupo Unidos por el Canal”, the primary contractor for the construction of the third set of locks of the Panama Canal expansion project.

Real Estate Prices in Panama Drop

June 2009

Prices for properties in the main zones of Panama City dropped in 2009 by between 15% and 20% compared to those of 2008.

Figures from the Department of Economic Affairs at the Chamber of Commerce, Industries, and Agriculture of Panama, which were published at Prensa.com, indicate that “in 2008, the cost per square meter for an apartment on Balboa Avenue was, on average $3000, but in 2009 it fell 20% to $2500; Similarly, in San Francisco, the cost per square meter was $1,600, 15% less than in 2008."

Cementos Progreso invests $690 million in Guatemala

December 2008

Cementos Progreso will invest $690 million in the San Juan Cement Factory, which will produce 2.2 million tones per year when it comes online in 2012.

Jorge Lemcke, general Manager, explained that the project started at the end of 1998 with the search for a place to set up the factory, and in 2005 they bought the San Gabriel Buena Vista farm in San Juan Sacatepequez, where they found raw material reserves to produce cement for the next 50 years.

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