Lafarge postpones completion of 90m-euro investments by a year

Lafarge Ciment, local subsidiary of French group Lafarge, will put off by a year the completion of a 90 million-euro investment plan, amid a low increase in cement consumption compared with the time when its investments started in 2008. However, Lafarge's medium term strategy remains unchanged, with the group still regarding Romania as having a significant medium term growth potential. "We have already decided that the investment plan announced in 2008 will be completed in 2011, instead of 2010, as initially announced because we expect a lower growth than we did at the time of the launch. We will continue our medium-term plan announced at the beginning of 2008, with slight adjustments made to the implementation schedule in order for it to match the market progression. (...)" The company has yet to release its financial results for 2008, but the nine-month growth rate stands at around 30%, with Lafarge posting similar sales in the fourth quarter of 2008 to those made in fourth quarter of 2007. This means Lafarge's turnover stood at around 380 million euros in 2008, up 25-30% against the preceding year, according to ZF estimates.