CPAC | Market Cap: $996.1M (07/13/26)
Industry:
Construction Materials
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DESCRIPTION

Cementos Pacasmayo is the sole cement manufacturer serving northern Peru, operating as a regional monopoly across a geography that spans coastal, highland, and jungle terrain. The company produces and sells cement, ready-mix concrete, precast products, and mortar, with cement and cement-adjacent products accounting for roughly 97.5% of net sales. The core customer is the self-construction segment — households who gradually build or improve their own homes — which accounted for about 74% of cement sales in 2025, with the balance split between private developers and public-sector projects. Pacasmayo sells primarily through its proprietary DINO distribution network of over 600 independent retailers and hardware stores across northern Peru, with roughly 81% of cement shipments in bagged form. The business is vertically integrated from company-owned quarries to distribution, operating three plants with total installed capacity of ~4.9M metric tons, utilized at roughly 62% in 2025. A key recent investment was the completion of a new clinker kiln in 2023, which reduced reliance on higher-cost imported clinker. Beyond bagged cement, Pacasmayo is growing its ready-mix and precast businesses to serve public infrastructure contracts. In March 2026, Holcim acquired a 50.01% controlling stake in Pacasmayo for ~S/1.85B, and has stated its intention to delist the company from the NYSE following a mandatory tender offer for additional shares.

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