ATHENS, July 28 – For Greece’s Titan Cement, 2007 has turned into a very challenging year, especially for its operations in Florida, U.S., however, it will be building a new plant in Albania, a spokesmen for the company has said.
They also confirmed Titan’s subsidiary in Albania, Antea Cement Sh.A., signed a contract in Tirana for the construction of a new cement plant in the area near Kruje.
Titan has secured a 99-year lease and right of use for the quarries and the and the property for the plant through an agreement which has been ratified by the Albanian Council of Ministers, the spokesmen added.
The company’s Greenfield Investment is expected to be operational in December 2009 with a capacity of 1.5 billion tons per year with a total project cost of 170 million Euro.
They said the depth and duration of the slowdown in the housing sector is ‘unclear, but the mood seems to have darkened more recently’. They underlined that the housing market in Florida is their main source of concern ‘at least until next year’.
Furthermore, the company said the recent court decision forcing it to stop mining in the Lake Belt region was ‘the worse possible outcome that could have been anticipated’.
Titan said its Florida unit Tarmac has had to cease rock mining in some regions until an environmental statement is completed, which is anticipated to take six months, and then the company will have to reapply for a quarrying license
The spokesmen confirmed Titan has filed an appeal against the decision and that it has contingency plans to keep supplying its Pennsuco plant. They did not want to offer further details.
