Source: Reuters.com
Mexico-based construction materials giant Cemex is planning to cut 6% of its workforce worldwide as part of a wider reorganization. Reuters reported the world’s third-largest cement maker said it hopes to generate $400 million in additional cash flow by the end of 2012 through cutting costs and improving underperforming businesses. The company employs about 46,500 people across the globe and is seeking cost savings of about $260 million this year.
Operating in 50 countries, 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 but said sales rose in a sign it is slowly recovering from the worst crisis in its century-long history.
