Lafarge Romanian delays completion of investment plan

Lafarge Romanian delays completion of investment plan
Published: 27 January 2009

Lafarge Ciment Romania will delay the completion of a EUR90m (US$116.5m) investment plan by a year due to falling cement consumption prompted by the global crisis, Bucharest-based daily Ziarul Financiar reported on Monday.

"We have already decided that the investment programme unveiled in 2008 will be finished in 2011, not in 2010 as announced earlier, because now we expect a slower growth compared to the moment when the investments were launched," the daily quoted Lafarge Ciment Romania financial director Phillipe Platon as saying.

Platon added that the company will not make changes in the medium-term investment programme launched at the beginning of 2008.

According to an estimate made by Ziarul Financiar,, Lafarge Ciment Romania raised its turnover by up to 30% to EUR380m in 2008. The company has not released yet its financial results for 2008.

’In the fourth quarter, we started to feel the difficulties which our clients face in receiving revenue in the conditions of worsening access to financing by banks," Platon said, forecasting a modest growth of the local construction sector in 2009.