INSEE Cement to expand in SL with US$ 20 mn investment

views 573 2018-06-05 02:42:00 business

This is in addition to their investments of $ 200 million made so far in the last two years. Chairman INSEE Cement Sri Lanka Paul Hugentobler said that their main aim is to build three Ready- mix cement plants in Peliyagoda, Ratmalana and a third out of Colombo.

Speaking to media yesterday in Colombo he said that their new grinding station is being built in Galle and it would be ready by August. “We invested US$ 50 million for it and out of this we spent US$ 5 million for environment concerns.”

The Chairman also added that they will invest on a new wood replacement product to the Sri Lankan market which is a first for the industry. He also identified their new TECH application centre also as a key investment. ‘’This is a US$ 25 million investment.’’

Commenting on the current price of cement he said they want a revision soon as their production costs are escalating. “We also observe a dip in demand due to oversupply which we expect to reverse when the Colombo Port City project construction gets off next year.”

Commenting on the acquisition of Holcim by Siam City group of Thailand he said it was a very smooth takeover since the two companies knew each other. “Subsequent to the takeover we had new Board and went for a new branding, INSEE CEO Nandana Eknayake said.

(under the courtesy of news web)

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