Plycem vows to increase competitiveness in Costa Rican market

Plycem, a new company owned by Mexican billionaire Carlos Slim, will fight for a place in Costa Rica's cement market from the first quarter of 2018.

The Mexco-based company will operate in Salinas Esparza, Puntarenas, with an investment of US$17m in an area of 50,000M². The project will create at least 200 jobs.

Óscar Fonseca, Plycem Central America CEO, explained that the main objective of the company is to produce cement for self-consumption and, secondly, for marketing. The directors said that they have an estimate on the volume of production, but reserved to comment to protect their market strategy.

Jaime Rocha, director of the Cement Division of Elementia, the group which owns Plycem, said that the entry of the brand will improve the competitiveness of the market, and explained that the material will also be exported. The competitors in cement distribution will become four when Plycem enters the market. Cement is already imported by Carlos Slim from China under the Sinocem brand.

Geannina Dinarte, Minister of economy, industry and trade, celebrated the opening of the new company.

"It will add very favourable conditions of greater competition in the market. It is also important because it leads to more innovation and quality, but also pressed for a decrease in the price of the product," he said.

"With a fourth competitor in the market, we would be hoping that that can also favour greatly reducing prices."

According to an estimate by the Central Bank, the market of cement production, lime, gypsum and similar products in Costa Rica is CRC325.804m (US$598m) a year.