Government has made an offer to buy the Bermuda Cement Company, lock, stock and barrel and in the process avert a construction industry crisis.

Premier Ewart Brown announced this afternoon that an offer has been passed from Government’s lawyer to those representing the cement company in order to buy up the company before breaks up its business as it prepares to vacate the Dockyard site at the end of the year.

The plant is the only provider of bulk cement on the Island.

Dr. Brown said, if the offer was accepted, it will put a new interim operator in place immediately to ensure no interruption of supplies.

He added: “Meantime, over a minimum 90 day period the Government will work with interested parties to form a new entity that will position itself to buy the company from the Government and continue on as the country’s main supplier of cement.”

He said Government intends to secure 20 percent of the new company for the ownership of the people of Bermuda.

The Premier said he was awaiting confirmation that the offer had been accepted by the Bermuda Cement Company, and added that he had informed Alex DeCouto, president of the Construction Association of Bermuda, of the latest development.

He did not speculate on who might be involved in running the company in the short or long term.

* For reaction and analysis see tomorrow's Royal Gazette.