Mexico: Cemex has announced that it has plans to cut 6% of its workforce worldwide (around 2800 jobs) as part of its wider plans for reorganisation that were announced at the start of 2011. Cemex said that it hopes to generate USD 400m in additional cash flow by the end of 2012 by cutting costs and improving underperforming business units.
Cemex has been struggling with its debt load after buying Australian rival Rinker just before the US housing crisis began. The company reported a wider-than-expected first-quarter loss in the first quarter of 2011, but said that increased sales were a sign of a slow recovery.