Displaying items by tag: Jamaica

Jamaica: The government has granted Caribbean Cement permission to import cement from Trinidad & Tobago in order to resolve local supply issues. The cement producer will procure cement from its subsidiary Trinidad Cement, according to the Jamaica Observer newspaper. Caribbean Cement has reported technical issues with its packing plant which have led to it being unable to support the local retail market. It has also suspended all exports.

Trinidad & Tobago: Cemex’s indirect subsidiary Sierra Trading has successfully made its offer and take-over bid for Trinidad Cement. The subsidiary received the Foreign Investment License from the Trinidad & Tobago Ministry of Finance confirming that all terms and conditions of an amended offer made in January 2017 had been accepted.

Cemex increased its offer to buy a controlling stake in Trinidad Cement in mid-January 2017 with a value of up to around US$100m. However, the directors of Trinidad Cement recommended twice that its shareholders reject the offer. Although Cemex has passed the threshold required to take control of Trinidad Cement its share offer will remain open in Jamaica for local shareholders until 7 February 2017 due to local legislation.

Jamaica: Peter Donkersloot Ponce has been appointed as the general manager of Caribbean Cement Company with effect from 7 November 2016. He replaces Alejandro Varés Leal who was originally appointed in May 2015 subject to an agreement between Caribbean Cement’s owner Trinidad Cement and Cemex. However, Varés Leal has taken up a promotion with Cemex. In accordance with the Agreement, Ponce was proposed by Cemex to replace Varés Leal.

Jamaica: Chris Dehring has resigned as chairman of Caribbean Cement with immediate effect. He was appointed chairman of Caribbean Cement in October 2014, months after joining the board of its parent company, Trinidad Cement, according to the Jamaica Observer. He has left the cement producer to commit to his next business venture in broadcasting. Previously, Dehring founded the Dehring, Bunting and Golding investment bank, and served as managing director of the 2007 ICC Cricket World Cup, chief marketing executive of the West Indies Cricket Board, manager at Citibank NA and chairman of LIME Caribbean/Cable & Wireless.

Uzbekistan/Jamaica: Schade Lagertechnik has announced details of orders its has received from the cement industry from Kyzylkumzement in Uzbekistan and from Caribbean Cement in Jamaica.

In July 2016 Scaahde won a contract to supply two bridge type reclaimers and a stacker to Kyzylkumzement in Uzbekistan. The two reclaimers, each with a capacity of 1000t/hr and a rail span of 30m, and the 1200t/hr stacker will be delivered in the autumn of 2017 so that the plant can be commissioned in early 2018. The project is being supported with the aid of World Bank financing.

The order is part of the modernisation and improvement of cement plants that was called for two years ago by the Uzbek construction materials collective, Uzstroymateriali. This investment programme comprises nine projects for modernisation and reconstruction of plant at three of the largest cement works in the country, Kyzylkumzement in Nawoi, Akhangaranzement in the Tashkent region and Bekabadzement also in the Tashkent region. The investment volume at Kyzylkumzement alone is in the order of US$40m. Currently there are six cement plants in Uzbekistan with a total installed capacity of around 8Mt/yr.

Schade will also supply a full-portal reclaimer for limestone, with a capacity of 700t/hour and a rail span of 42m, to Caribbean Cement in Jamaica in the autumn of 2017. The project phase leading up to this order had been going on for almost 20 years. Rather than investing in a new machine, the initial plan was to convert an existing one. In the end the management decided that the purchase of a new machine would be more economical than incorporating all the required modifications into the existing machine.

Schade Lagertechnik produces equipment for bulk material stockyards and blending bed technology. It is part of the Aumund Group.

Jamaica: The Caribbean Cement Company’s net profit has risen by 21% year-on-year to US$832,000 in the first six months of 2016 from US$686,000 in the same period in 2015. Revenue grew by 10% to US$65.6m from US$59.4m. The rise in profit was attributed to increased revenue and reduction in costs but was tempered by stockholding, inventory restructuring and manpower restructuring costs. Cement export and clinker volumes fell by 8% and 77% respectively in the period despite the increases in revenue.

Jamaica: Caribbean Cement Company (CCC) and Tank-Weld Metals have come to an agreement for Tank-Weld Metals to distribute locally-produced Carib Cement to the Jamaican market.

The companies said that, while the agreement is aimed at maximising the resources of both companies, it will also 'enhance efficiencies, create local jobs and be beneficial to customers, the travelling public and the environment.' The value of the deal was not shared. It is estimated, however, that through this partnership, CCC now has near 100% of the local market for cement.

The release further said that, to enhance efficiencies in a logistics-driven economy, both companies have identified an opportunity to pioneer domestic maritime transport of a locally manufactured product. Carib Cement will be transported by sea from the CCC Rockfort Pier to the TW Metals Rio Bueno Port in Trelawny for further distribution to the northern-based construction market using Tank-Weld's distribution capabilities.

The companies have said that the agreement will 'have social and environmental benefits as the use of maritime freight will see less wear and tear on the roads, less frustration for the travelling public and less pollution in the air, through the reduction in traversing across the island by road of bulky and heavy cargo.'

The companies also believe that this agreement will benefit the Jamaican consumer, as well as the local economy, as it increases domestic cement production, yielding greater production efficiencies, increasing the use of assets, boosting the local market and using more indigenous resources.

Jamaica: Caribbean Cement Company is Jamaica's Champion Exporter for 2014, for which it was awarded the Governor General's Trophy by the Jamaica Exporters Association. Caribbean Cement also won the category III award for achieving sales above US$5m. There were 29 awards on offer, covering everything from support services to export tonnage, export value, agricultural exports, Caricom exports and third country exports. There were also awards for service export champions that included technological solutions, shipping and logistics.

Jamaica: Caribbean Cement Company Ltd (CCCL) has commenced supply of a new 240,000t clinker order to Venezuela. The US$20.5m contract will run over an 18-month period and will help boost export revenues from the Rockfort cement plant.

The new order from Caracas extends a previous agreement that saw CCCL ship 100,000t of clinker between December 2013 and April 2014 in a US$8.5m deal. The new contract is said to signal 'business as usual' at the works, which recently saw the replacement of Brian Young as board chairman by Christopher Dehring.

In September 2014, CCCL recorded clinker exports of 80,373t, compared to 6757t in September 2013. Cement exports also increased during the January – September 2014 period, from 178,643t in 2013 to 191,556t. In addition, CCCL noted a 10,000t rise in domestic sales to 458,644t as the construction market recovers.

"The recent trend in the domestic market is expected to continue as well as improvement in the export earnings," said Caribbean Cement's chairman Dehring and director Hollis Hosein.

"In addition, we have entered into a new agreement to supply 240,000t of clinker to Venezuela, starting shipments in October 2014. We, therefore, remain cautiously optimistic that these favourable results can be sustained."

Jamaica: The Caribbean Cement Company and the Venezuelan government are close to a supply agreement for approximately 340,000t of clinker. The deal is valued at about US$29m, according to the Jamaican government. The clinker will be used by Venezuela as part of an initiative to build two million homes over a seven-year span to address a housing shortage.