After the negative determination from the New York State Department of State (DOS) the board of directors of the Canadian Holcim Group company has decided not to pursue the project to build a new cement plant in Greenport,New York State.
The company continues to produce and distribute cement for the market region New York from Catskill, located only a few kilometers from the planned new cement plant. According to a media release of St Lawrence Cement the accrued project costs of CAD 37m will be written off in the second quarter of 2005.
Provisions for these project costs have already been made in the Group’s financial statements and will therefore have no influence on Holcim’s current financial statements in 2005.
