Carlos Slim Enters Cement Business
Mexican telecoms mogul Carlos Slim will enter the cement business in 2013 through a big stake in a new company, Cementos Fortaleza, the firm said Tuesday.
Cementos Fortaleza hopes to become "the best cement maker in Mexico," with Slim taking a 46 percent stake and business partner Antonio del Valle owning 54 percent, chief executive Antonio Tarracena told a news conference.
The new company, part of the conglomerate Elementia, will begin operations in 2013 with the completion of a $300 million plant in the central state of Hidalgo.
The initial aim is to serve three percent of Mexico's cement market, putting it in direct competition with Monterrey-based Cemex, one of the world's biggest cement companies.
Considered the world's richest man by Forbes magazine, 72-year-old Slim made his fortune in telecommunications with his Telmex company but he has also invested in construction, mining and energy businesses.
Source: Agence France Presse
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