Cemex chief backs long-term Jamaica growth through Carib Cement investment

KINGSTON, Jamaica — Jaime Muguiro, chief executive of building materials group Cemex, has again signalled the company's intent to help drive Jamaica's economy and wider national development by putting more capital into Caribbean Cement Company (Carib Cement).

At a town hall with employees at Carib Cement on July 2, Muguiro said Cemex would keep funding the upgrades required for the local producer to remain a major force in the island's transformation.

"Our commitment to Jamaica is strong. We will continue investing in Carib Cement to ensure it remains a cornerstone of the country's development, supporting economic growth, infrastructure and opportunities. We see tremendous potential in Jamaica, and Cemex is committed to being a long-term partner in its continued transformation," he said.

In a statement released Monday, the company said that since taking control of Carib Cement in 2017, Cemex has spent more than US$154.3 million, equivalent to J$23.1 billion, on its Rockfort site. Those outlays have improved efficiency, brought in international standards and technology, increased production capacity, and set the business on a path toward sustained profitability.

Muguiro also saluted Carib Cement's recent performance and the part it plays in Jamaica's development, citing the workforce's discipline, resilience and drive for operational excellence.

"Carib Cement has consistently demonstrated resilience, operational excellence and a strong commitment to serving Jamaica's needs. We are proud of the progress achieved by the team and the contribution the company continues to make to the country's growth," he said.

"With the talent, dedication and ambition we have here, I am confident that Carib Cement will continue to grow, innovate and deliver value for Jamaica, the Caricom region and Cemex," he continued.

Muguiro further stressed Cemex's focus on health and safety, noting that employee welfare is the company's foremost concern. He asked staff to deepen the safety culture on site and to pursue zero lost-time incidents across all operations.

Muguiro, who took up the chief executive post just over a year ago, was in Jamaica on an official visit with senior Cemex executives. During the trip, he and the delegation met Carib Cement's leadership, Prime Minister Andrew Holness and Deputy Prime Minister Horace Chang, and visited the Rockfort plant.