CEMEX to shed jobs in effort to reduce costs

摘要

Faced with volatility in the financial sector and plunging sales in a number of their biggest markets, CEMEX say they have identified close to US$500 million in recurrent annualized cost reductions across the company's global network, in an ongoing effort to optimize the business. The measures identified include budget cutbacks, capacity closures and headcount reductions, all of which are to be fully implemented before the end of 2008. It is understood CEMEX are looking to shed around 10% of their total workforce, representing around 6,000 jobs worldwide. The company is also selling up to US$2 billion of assets and has reduced its maintenance and capital expenditure programme by more than US$1 billion. Only those capex projects that are scheduled to come on line early next year will be completed.