Cemex sales slump in UK
Published: 31 July, 2009
MEXICO: Cemex reported a drop in sales worldwide of 34% for its Q2 results as construction in its key US and European markets continues its slump.
The company's UK operations experienced a 40% decline in net sales, to $306m, when compared with the same quarter of 2008. Net sales in the rest of Europe region decreased 30% during the second quarter of 2009 to $938m million, compared with the comparable period in the previous year.
The company, which operates in 50 countries and competes globally with Switzerland's Holcim and France's Lafarge bought Australia's Rinker in 2007 just as the housing crisis began in the US.
It is currently talking to creditors in a bid to refinance $14.5bn in bank debt due over the next three years. Cemex is asking its creditors to give it until 2014 to pay.