Caribbean Cement Company Limited (CCCL) is about to expand its supply markets into South America, virgin territory for the Jamaican company, which has been building out its export operations to make up for business lost to imports in its home market.
General Manager Anthony Haynes said his company expects to close a new deal with a South American company in three months.
"The new contract will represent significant business for us but I can’t speak to volume," Haynes told Wednesday Business on Tuesday.
"South America is where we are seeing more growth so we have been focusing in that area," he said.
Explaining why CCCL is taking on markets in the region, instead of parent Trinidad Cement Limited (TCL), Haynes said the Jamaican operation was motivated to grow to pay back the investment in its expansion, and was inclined to look overseas because of the projected 30 per cent contraction in the domestic market last year.
"So as the demand and supply dynamics change we turn to more export markets," he said. "... The logistics and second phase of our expansion is to look to these markets in South and Central America which are seeing much more growth than the Caribbean."
Beyond the immediate contract being finalised, Caribbean Cement will be going after market share in South American countries such as Venezuela and Colombia, as well as Costa Rica and Panama in Central America. "We are now pushing market growth in the Spanish-speaking countries," said Haynes.
(Edited report from The Gleaner, Jamaica).