Mexican cement maker Cemex SAB isn’t overly exposed to a nationalization of its Venezuela operations because it’s only a small part of its global operations, Chief Executive Lorenzo Zambrano said Thursday.
"Venezuela is a small part of Cemex," Zambrano said. "That’s an advantage of being all over the world."
Zambrano said Cemex will continue working in Venezuela until the operations come under government control. He declined to say if Cemex was interested in being a minority partner in a Venezuelan state cement company.
Early this month, Venezuelan President Hugo Chavez ordered the nationalization of the domestic cement industry, a move which affects operations of Cemex and global rivals Lafarge SA (LFRGY) of France and Switzerland-based Holcim Ltd.