TCL to invest US$60mn in expansions, stabilize company

Trinidad Cement Limited (TCL) will invest US$60mn in expansion of the Claxton Bay plant, the Trinidad Express reported. The investment comes after Mexican cement giant Cemex attempted a takeover of the company last July. Cemex won 67% of the 75% of shareholders votes needed to win the takeover bid. Funds will go towards stabilizing the company and aiming to prevent a future takeover by purchasing more modern equipment and technology and expanding cement production to 1.5Mt/y from 750,000t/y. The company's foreign exhange earnings rose to US$105mn from US$96mn last year and raised production to 742,000t to 693,000t. "Our performance last year has set the stage for a period of sustained growth and development over the medium-to-long term," the paper quoted TCL general manager Arun Goyal as saying. Trinidad & Tobago-based TCL exports cement to St Maartin, St Kitts, Anguilla, Nevis, St Lucia, St Vincent, Grenada, Suriname and Guyana.