Holcim Ltd.’s liquidity needs have been met with recent refinancing efforts, and the firm doesn’t plan any further acquisitions after purchasing rival Cemex Australian activities, Finanz und Wirtschaft newspaper reports, citing Chief Executive Markus Akermann, in an advance print of Saturday’s edition.
Akermann said the company is enjoying high levels of liquidity, even after the $1.7 billion Cemex deal, and has exceeded its goal of securing maturities for the coming 12 months, according to the paper.
As to further deals, Akermann says Holcim prefers to concentrate on integrating Cemex’s Australian arm, and also that consolidation opportunities have become far fewer.
Regarding Holcim’s outlook, Akermann said the firm sees encouraging signs from emerging economies such as in some Asian and Latin American countries, according to the interview. Holcim, which posted a 35% drop in second-quarter net profit in August, should return to growth in 2010 thanks to strong emerging economies as well as cost-cutting, Akermann said.
Source: Dow Jones International News