Italian cement producer Colacem officially opened on October 26, 2005 its new production plant in Santo Domingo, in the Dominican Republic. The plant will be managed by Colacem-controlled company Domicem, which will serve the markets of the Dominican Republic and the Caribbean.
Colacem, owned by the Italian Colaiacovo family, invested $120m in the new plant, of which US$48m were put up by the World Bank Group’s International Finance Corporation (IFC). The production capacity of the plant, which employs 250, is one million tonnes of cement a year. Colacem is the third largest producer and distributor of cement in Italy, where it owns 12 plants.