Akmene Cement may stop exports to Latvia or Finland
Lithuania`s only cement manufacturer Akmenes Cementas (Akmene Cement) may stop exporting its products to Latvia or Finland this year in order to meet rising domestic demand.
According to Akmenes Cementas` newsletter, the company intends to cut exports this year in view of the growing domestic cement market and due to the plant`s modernization programme, which may affect production.
Cementas CEO Arturas Zaremba said that the company did not expect to achieve a major growth in production in 2007.
Last year, the cement manufacturer sold around 80 per cent of its products in Lithuania, with the rest exported to Latvia and Finland.
The company plans to invest around 280m litas (EUR 82.2 mln) in shifting from wet to dry cement production technology over the next few years. This will represent the biggest investment project in its history.
Four Lithuanian private individuals hold a combined stake of 51 per cent in Akmenes Cementas.
Cemex controls a 33.95 per cent stake through a subsidiary company.
The cement plant is located in Naujoji Akmene, in northwestern Lithuania. Published under Cement News
