Caribbean Cement Company wishes to advise that effective Monday, February 27, 2006, the price of Carib Cement products will be adjusted to reflect an average increase of 12.5%. The price adjustment is necessary to safeguard the viability of the Company against the background of significant increases in the cost of the product over the past 12 months. In particular the cost of fuel, electricity and spare parts as well as depreciation of the Jamaican dollar. In the case of fuel, which constitutes 65% of CCCL’s total production cost, increases range from 44% to 57% while electricity cost increases were nearly 30%.
“With the support of our parent company, TCL and other Caribbean partners we have been able to fill the backlog resulting from the adverse weather conditions which disrupted production in late 2005. Additional steps are also being taken to prevent a recurrence,” CCC says.