CHIHUAHUA, Mexico, April 03, 2019 (GLOBE NEWSWIRE) -- Grupo Cementos de Chihuahua, S.A.B. de C.V., or GCC, (BMV: GCC*), a leading producer of cement and concrete in the United States and Mexico, today announced that it has reactivated the Company’s Long-Term Share-Based Incentive Plan (“LTIP”), which was ratified and affirmed at the Company’s Annual Shareholders Meeting on April 29, 2008. GCC has therefore transferred the amount equivalent to 421,365 GCC* shares from the Company’s treasury to a trust earmarked for the program, with continued share contributions to be made to the trust in subsequent years.
The LTIP, which was reviewed by GCC’s Audit Committee, is a significant component of the management and executive compensation program, tied to the Company’s long-term success, that is intended to strike an appropriate balance between short-term compensation and longer-term incentives. It is aimed at fostering retention and aligning management's interest with those of GCC's stakeholders; recognizing and rewarding performance and individual contributions. This will vary depending on the performance results of the specific period, based on the Return on Invested Capital (ROIC) or similar profitability ratios.
GCC’s LTIP has also been designed to ensure the Company’s executive compensation is in line with global best practice standards.
GCC is a leading supplier of cement, concrete, aggregates, and construction‐related services in the United States and Mexico, with an annual cement production capacity of 5.8 million metric tons. Founded in 1941, the Company’s shares are listed on the Mexican Stock Exchange under the ticker symbol GCC*.
This press release may contain forward-looking statements. All statements that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “intend,” “project” and similar expressions are generally intended to identify forward-looking statements. These statements are subject to risks and uncertainties including, among others, changes in macroeconomic, political, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; pricing, business strategy, and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from the beliefs, projections, and estimates described herein. GCC assumes no obligation to update the information contained in this press release.
For further information, contact:
|GCC Investor Relations:|
|Ricardo Martinez |
+52 (614) 442 3176
+ 1 (303) 739 5943