Mexico-based cement and construction materials producer GCC, formerly known as Grupo Cementos Chihuahua, has closed a pair of bank loans for US$135m to finance expansion plans for its plant in Odessa, Texas, USA. The loans have maturities of five and 10 years, respectively.
"These facilities reflect GCC's continued commitment to strengthen its operating and financial performance, while increasing the company's financial flexibility," GCC said in a statement.
Odessa is one of five GCC plants in the US. The Chihuahua-headquartered producer also has plants in Rapid City (South Dakota), Trident (Montana), Tijeras (New Mexico) and Pueblo (Colorado).
Aggregates
In January GCC announced the acquisition of three aggregates operations in Texas for US$100m, increasing its aggregates production capacity by 4Mta, adding approximately 50 years of reserves to its portfolio. The buy-outs are intended to strengthen GCC’s presence in the Mindland-Odessa, Dallas-Fort Worth, San Antonio and Amarillo markets in Texas.
"These acquisitions mark an important milestone in our expansion strategy in key markets," commented Enrique Escalante, CEO of GCC. "With these transactions, we are not only expanding our product offering, but also reaffirming our commitment to value creation through acquisitions."
