By Jenniffer
B. Austria | Posted on May. 09, 2013 at 12:01am |
Cement maker
Holcim Philippines Inc. said it obtained an initial approval from its parent
company to construct a $550-million new cement plant to meet expected surge in
demand amid increased economic activity.
Holcim
Philippines chief executive Ed Sahagun said in a news briefing the company
obtained a first phase approval from Zurich-based Holcim for the construction
of a new cement plant in Bulacan that will have a capacity of 2.5 million
metric tons annually.
Sahagun said
with the first phase approval, the company might obtain quotations, organize
project team and proceed with securing permit requirements.
The final
approval will be discussed in September, he said.
Holcim
Philippines plans to have the new plant on stream by 2016. “The timing of the construction of new plant
is perfect because the country is doing well in a lot of aspects,” Sahagun
said.
Sahagun said
he expected demand for cement to further improve, once the public-private
partnership projects were implemented.
Holcim
Philippines said net income in the first quarter grew by 77.2 percent to P1.43
billion from P807 million posted in the same period last year on surge in
demand and higher cement prices.
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