Cemex to invest $65M to raise production in PH
MEXICO CITY - Mexico's Cemex said on Monday it planned to raise the cement production capacity of its APO plant in the Philippines by 1.5 million metric tonnes per year.
The Mexican cement maker, which is in the process of working its way out of a large debt burden, said in a statement it would invest around $65 million to raise production and strengthen its distribution network in the Philippines.
The company said it was making the investment to keep pace with rapid economic growth in the Philippines, and expected the increase to be operational by the first quarter of 2014.
The Philippines' economy grew by just over 6 percent compared with 2011 in the first six months of the year.