HOLCIM Philippines, Inc. said on Thursday that its board of directors approved the temporary suspension of operations at its terminal in Calumpit, Bulacan.
In a disclosure to the Philippine Stock Exchange, the company said that the suspension will help mitigate the increasing cost and limited supply of kraft paper rolls in the global market.
The high costs and supply chain bottlenecks are said to contribute to the higher cost of cement kraft paper bags.
The company identified 18 personnel who will be affected by the terminal’s temporary business closure.
Its board of directors authorized the company to declare the affected personnel as “retrenched” and to pay them separation benefits.
The company is a member of the Holcim group which has cement manufacturing facilities in La Union, Bulacan, Batangas, Misamis Oriental, and Davao.
It also has aggregates and dry mix business and technical support facilities for building solutions.
Holcim shares fell 2% or P0.08 to P3.92 on Thursday. — Justine Irish D. Tabile