Mexico's Cooperativa La Cruz Azul has announced plans to invest MXN5.5bn (US$300m) in the rehabilitation and expansion of its cement plant in Tula de Allende, Hidalgo.
The investment forms part of a wider MXN6.5bn programme in Hidalgo announced by Cruz Azul Chairman Víctor Manuel Velázquez Rangel and state Governor Julio Menchaca on 19 August.
Around MXN1.8bn will be invested in the renovation and rehabilitation of the existing Tula cement plant, while a further MXN3.7bn has been allocated to a new cement production line. The new line is expected to be ready by the end of 2026.
Cruz Azul said the plant rehabilitation is expected to generate around 1000 direct and 10,000 indirect jobs, while the new production line will create a further 200 direct and 3000 indirect positions.
The investment is intended to reactivate cement production at Tula following a prolonged dispute over control of the facility.
The cooperative will invest an additional MXN1bn-plus in the refurbishment and expansion of its healthcare facilities in Hidalgo. It also plans to introduce Liga de Expansión football matches at the Estadio Refundación as part of efforts to stimulate economic activity in the area.
