Caribbean Cement Company Limited has revealed that a 15% drop in sales was one of the factors which led to it to take drastic steps to reduce inventory.
Starting Tuesday, the cement manufacturer will begin offering discounted prices for its products.
Caribe Cement will be having a week long clearance sale during which, the price of a bag of cement will drop by $35.
The prices of its bulk and semi-bulk cement will also drop by approximately 8%.
Anthony Haynes, General Manager of Caribbean Cement Company Ltd.General Manager Anthony Haynes has lamented that the company continues to be adversely affected by a contracting market and imports of cheap cement.
"Part of our challenge is that it’s a market that is still contracting (and) well ventilated now but cheap cement is still entering the country without any sort of tariff which does not comply with any fair trading rules. These things are obviously eating away at a market that we could also be supplying," said Mr. Haynes.
Meanwhile, the Jamaica Manufacturers Association (JMA) says other local companies could be forced to follow Carib Cement in slashing prices in order to attract sales.
According to JMA President Omar Azan, as the recession drags on Jamaican manufacturers will be left with few options to entice customers.
"I think every company is taking strategies to move inventory (as) every company within Jamaica that is producing is seeing a reduction in sales within the domestic market. I think it’s a good move for company to look at possibilities of reducing prices to move products, to keep production going and keep the jobs," said Mr. Azan.