Enhancing financial capability

Dec 09, 2013

CEMEX, the Baltics division of one of the global leaders in the building materials industry, generated 59,98 million LVL net turnover last year according to the Latvian Business Report 2013. "CEMEX" invested more than 310 million EUR in one of the most modern cement plant in Europe in Brocēni which was commissioned at the end of 2010.

"We saw a positive change in the region in the trend of the activities in the construction sector. Our industry finally started to grow, but unfortunately it is coming from a very low basis. Furthermore we were able to take full advantage of the new technology in our cement plant, which gave us a good position to compete in export markets.

We are slightly optimistic. We are expecting a more stable macroeconomic environment in our Baltic region, with growth in construction markets like Russia in the high single digits. Particularly in the case of Latvia, with the integration to the European Union, we expect a reduced perception of the risk associated with the country which might attract additional foreign capital. We expect some of this capital to go to construction sector.

Electricity prices are increasing at uncontrolled rates due to the impact of the Mandatory Component (OIK) related to renewable energy generation. This subsidy increased 54% just in 2013 vs 2012 and is putting a high stress in all energy intensive industry, especially those that are focused on export markets due to the loss of competitiveness. This situation is not sustainable and will force companies to scale down production and rethink current and future investment plans," notes Enrique Garcia, Country Director of CEMEX Latvia.

The Latvian Business Report is collated by the company and the news agency LETA. Its goal is to show the latest trends in Latvia's economy and, what is even more important, to cast a spotlight on each company that ensures Latvia's economic stability and foundation. Click here to read the entire article (in Latvian).

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