MEXICO CITY (AP) -- Mexican building-materials giant Cemex says it will invest $100 million in a cement plant in Peru as a way to expand its presence in the South American country.
Cemex says that it will invest the money with the Blue Rock Cement Holdings investment fund, which will build the $230 million plant.
In a statement Thursday, Cemex said the plant should be completed by 2013 and will have an initial production capacity of 1 million tons per year.
The statement notes that Peru's construction industry has seen an annual growth of more than 10 percent over the past few years.
Cemex SAB de CV is a 104-year-old company based in the northern Mexican city of Monterrey. It employs more than 50,000 workers in 50 countries.