Following a meeting, Lafarge said its board of directors “authorized the purchase of land situated at the Manila Harbour Center as well as the cement silo, packhouse and other improvements situated on the land.”
“The purchase will give the company full control of the facility, which is currently using under lease agreement,” it added.
Lafarge also said the strategic location of the facility allows the company to easily dispatch its products, giving Metro Manila customers a more accessible pick-up point for cement purchases.
The cement maker is enjoying brisk demand on the back of private and government-led construction boom.
In January to September, Lafarge’s net income attributable to equity holders of the parent firm surged 53 percent to P3 billion from P1.95 billion. Its net sales jumped by a fifth to P17.85 billion from P14.64 billion a year ago due to higher volumes and improvement in the selling price.
Last May, the company’s board of directors approved an investment for a new mill at the Teresa plant that will produce 850,000 metric tons (MT) per year starting 2015.
For the first time, nationwide demand exceeded 16 million MT at 18.4 million MT last year, up 18 percent from 2011 due to a huge infrastructure backlog in the country.
The company has five cement plants, of which four are in Luzon, that produce a total of 7.7 million MT of cement per year.
Lafarge, formerly Republic Cement, was incorporated in 1955 to primarily engage in the manufacture, development and sale of cement, marble and all other kinds and classes of building materials.
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