TITAN: New $ 37 million investment in the US
- Written by E.Tsiliopoulos
The TITAN Group is strengthening its operations in the USA with a new investment of 37 million dollars for the expansion of the import station in Norfolk, Virginia.
According to the announcement, the investment will upgrade Titan's import capacity in the US, while at the same time increasing the availability of cement and related products with a low carbon footprint in the country, contributing to the Group's goal of tackling climate change.
The investment in Virginia, which is expected to be completed in 2023, envisages the expansion of the Norfolk import station with new storage facilities with a capacity of 70,000 tons and the expansion of the road and rail connection of the facilities with multiple loading points.
Upon completion of the project, the storage capacity of the import station will exceed 100,000 tons in total, with the possibility of importing, storing and distributing different products, as well as raw materials that are in high demand in the market, such as fly ash, slag and aggregates.
The investment is part of the strategic investment program of the Group's subsidiary, Titan America, which aims to improve the cost of production and distribution of products and optimize the services provided to customers. In addition, it adds to the recent $ 35 million investment in the Titan import plant in Florida for the construction of a 70,000-ton storage facility.
The Group's investment program in the US, which envisages total investments of over $ 250 million in the three years 2021-2023, will allow Titan to benefit from the expected market growth in the country in the coming years.
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