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| Sunday, 12 December 2004 |
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Business |  |
| News Business Features Editorial
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Holcim invests $30 million by Elmo Leonard The Holcim Group from Switzerland which put out the popular `Sanstha' brand of cement will invest a further $30 million in addition to $100 million funds brought into its cement operations here, since 1996. Holcim Lanka Ltd (HLL's) CEO Peter Spirig said: "We are confident about Sri Lanka and have come to stay here for another 20 years. The island's economy will grow by 5 to 6 percent in the coming years which means that demand for cement will also increase." Switzerland's Ambassador in Sri Lanka, Bernadino Regazzoni, who was also optimistic about Sri Lanka's future said that FDI - foreign direct investment is very important and Holcin was ready to continue expansion here. HLL with a local market share of 30 percent is one of four large players in the local market and has plants in Puttalam and Galle. HLL's annual production capacity is 1 million tones of cement at both facilities and will increase it to 1.4 million tonnes by mid-2005, with capacity expansion in progress. The Holcin group, one of the world's largest players in cement is present in over 70 countries with a production capacity of 145 million tonnes per year and a turnover of $145 million. HLL uses local limestone in its manufacture and will need sustainable investment if more raw materials are to be utilised, Managing Director Manilal Fernando said. Soon, distribution will be shifted to Trincomalee to feed the East while a new grinding plant will come up in Puttalam. The group's expertise in research is also being transferred here. |
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