Greek cement company Halyps Cement, a subsidiary of Italy’s cement producer and distributor Italcementi Group, plans to invest euro 50m (US$60.3m) in new production technology and environment protection over a five-year period, it was reported.
The company’s share on domestic market stands at between six per cent and seven per cent.
Halyps management envisages steady economic performance in 2004 due to the company’s involvement in construction projects for the Athens Summer Olympic Games in August 2004. After the games, however, a five per cent slump on the cement market is expected.
Halyps Cement sales in 2003 rose 3.0 pct year-on-year to euro 80m (US$96.4m). The company’s operating profit went up by 5.5 pct to euro 32.6m (US$39.3m) over the said period.
Italcementi Group closed 2003 with consolidated sales of euro 4.9bn (US$5.9bn) and consolidated operating profit of euro 656m (US$790.9m).