October 28, 2010

Carib Cement has refuted information in the media that it will lay off approximately 120 workers at the end of October. The Company has been engaged in discussions with the unions to find ways to reduce expenditure, including personnel costs, aimed at improving the viability of the Company.

Human Resource Manager, Dalmain Small stated that staff welfare was of paramount importance and this will be foremost in any decision taken. He added that employees who have opted for voluntary redundancy will be facilitated where possible and that the process to outsource services which are more cost efficient will continue.

Carib Cement has been faced with significant challenges arising from the contracted domestic market, declining revenues and additional costs associated with its recently concluded Expansion & Modernisation Programme. The Company will continue to aggressively seek revenue generation opportunities, including the opening of new export markets while it continues its discussions with the unions for cost cutting measures.

Carib Cement was awarded the "Champion Large Exporter" for 2009 by the Jamaica Manufacturers' Association at their recently held awards function. Carib Cement has increased its exports this year and from January to September has already exceeded the total amount exported for 2009. So far, 133 thousand tonnes of cement and 49 thousand tonnes of clinker (an intermediate product in cement manufacturing) have been exported.