CCC announces price change

Caribbean Cement Company Limited has announced that it will be discounting the price of its 42.5kg sacks by approximately 7 1/2%. A bag of Carib Plus will now be sold at $525. The company noted that the demand for cement over the past few years has been decreasing. Specifically, the demand for 2010 to date is approximately 18% less than the same period last year. Overall, cement demand has been reduced by an estimated 36% since the recession began.

This reduction in the local sales volumes has come just after the company invested US$177 Million in the modernization and upgrade of its plant and equipment. This capacity upgrade, albeit necessary, has put exceptional pressure on the company`s ability to meet its financial commitments and the current local sales volumes achieved by the company are just not sufficient to cover its operational expenses. Through an aggressive export thrust, the company has exported 30% of its production this year, however, the revenue generated from export markets are not enough to compensate for the loss in domestic revenues.