Brazilian firm Camargo Correa announced that it will invest US$130m in a cement manufacturing plant in Paysandu (Uruguay).
In a first phase, investments amount to US$60m and in a second US$70m. The plant is set to start operations by the first half of 2009. Brazilian development, minister and trade minister Luiz Furlan, during a visit to Montevideo, signed an agreement to set up a regasification plant of Petrobras and the cement plant of Camargo Correa as well as an automobile agreement.
Furlan said that the cement production will be exported to Argentina and Paraguay.
Camargo Correa is already active in Uruguay as it acquired the Argentine Loma Negra, which was a partner of ANCAP in the cement business.