CEMEX Egypt recorded a 20 percent growth in cement volumes in fourth quarter of 2002, versus the same period a year ago, and an increase of 18 percent for the full year 2002. Demand from the self-construction sector, as well as higher penetration in Lower Egypt, mainly drove cement demand.
The only multinational producer in the local market, CEMEX has been present in Egypt since early 1999, through its trading activity with the floating silo Corrigedora, moored in Suez, and its joint venture with an Egyptian importer in a shore silo located in Damietta Port.
In November 1999, CEMEX acquired 77 percent of Assiut Cement. Another 13 percent was sold by the Holding Company that owned Assiut Cement to CEMEX in June 2000. The employees’ union kept the remaining 10-percent stake, five percent of which was recently purchased by CEMEX.
Founded in 1906, CEMEX is one of the three largest cement companies in the world, with approximately 65 million metric tons of production capacity per year. Through operating subsidiaries positioned in four different continents, CEMEX is engaged in the production, distribution, marketing, and sale of cement, ready-mix concrete, aggregates and clinker. In addition, CEMEX is the world's leading producer of white cement and the world's largest trader of cement and clinker.
CEMEX is headquartered in Houston, Texas and employs approximately 5,000 people nationwide. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
