BIZ BUZZ: Cemex rebrands to Concreat
Don’t be surprised if you suddenly can’t find Cemex Holdings Philippines Inc. when you check the stock market.
The country’s fourth largest cement manufacturer has officially rebranded to Concreat Holdings Philippines Inc. as part of the Consunji family’s takeover, marking the beginning of a new era despite challenging conditions.
A play on the words “concrete” and “create,” the new name reflects “a renewed focus on integrity, reliability, resilience and nation-building,” the company said on Monday.
“This rebranding represents a bold new direction under DMCI management, guided by an all-Filipino team deeply rooted in local insight and long-term stewardship,” Concreat president and CEO Herbert Consunji said in their disclosure.
Although the change in name is significant, Concreat said it would continue to operate its Solid Cement plant in Antipolo City and Apo Cement plant in Cebu province.
Of course, the company is not without its challenges. Last year, Concreat saw its net loss balloon by 4,141 percent to P19.51 billion due to a goodwill revaluation of P19.6 billion.
Consunji himself has admitted that under new management, Concreat is expected to return to profitability after around three years.
“While challenges remain, DMCI has a strong track record of navigating industry cycles with discipline and determination,” said Consunji, who also serves as DMCI Holdings Inc.’s chief financial officer.
Let’s hope that Concreat’s bottomline will shed the parentheses sooner!
