Caribbean Cement Company Limited (“CCCL or “the Company”) announces the execution of the Services and Intellectual Property Agreements (“the Agreements”) on January 21, 2022, with various subsidiaries of CEMEX (“CEMEX”) according to the terms and conditions approved at its Annual General Meeting of Shareholders held on December 7th, 2021.
Under these agreements, CCCL and CEMEX have established a general framework for the corporate services provided by CEMEX to CCCL, as well as the payment of royalties for the use of intellectual property owned by CEMEX and licensed by CCCL, for a fee which shall not exceed 4% of CCCL’s consolidated net sales.
During the year 2022, the annual fee applicable to the Agreements shall be equal to 2% of the consolidated net sales of CCCL, while the Company continues the process of integrating the CEMEX business models and know-how into its operations.
Through the execution of these Agreements, CCCL will continue to benefit from and leverage CEMEX’s know-how and best practices.
