CEMEX Holdings Philippines, Inc. has positioned its large heating device as it builds a cement production line that would add 1.5 million metric tons of cement to its annual capacity.
The company reported on Tuesday that it had invested $235 million or P11.3 billion in the new cement line, which would increase output to 3.4 million metric tons per year.
In order to create cement, a pyro-processing device called a rotary furnace would raise materials to high temperatures.
“This achievement shows our complete dedication to the country’s growth and takes us closer to further improving our role in providing infrastructure and building economic development needs,” said Cemex Holdings Philippines Chief Executive Officer and President Ignacio Alejandro Mijares Elizondo.
The cement manufacturer reported that its profits increased more than eight times in the third quarter of 2020 to P623.12 million over the same period last year, following an improvement in operating earnings and foreign exchange earnings.
Cemex, when an expansion project was announced in 2018, said it expected the new line to start operations by the fourth quarter of 2020.
The company stated in May that it resumed its Antipolo-based operations after a tighter lockdown earlier in the year of suspended production. Earnings decreased by 47 percent in the first quarter.