Mexico’s Corporacion Moctezuma plans to build a new cement plant in the Gulf of Mexico state of Veracruz, to meet growing demand.
The plant will have an annual capacity of 1.3Mt and will require an investment of $150m, Moctezuma said in a statement on Friday.
Mexico has experienced a nation-wide housing boom in the last few years as banks have started to offer more lending options from banks and the government has sponsored programs to access credits and mortgages.
Builders and cement companies have benefited greatly from the home-owning boom.
Moctezuma is half-owned by Italy’s Buzzi Unicem SpA and has two plants in the country with a combined annual production of around 5 million tons.
The company ranks among the smallest cement makers in the Mexican market led by giant Cemex .