Mexico’s Cemex to lift cement prices

Mexico’s Cemex to lift cement prices
Published: 17 December 2007

Cemex plans to lift cement prices by an average of 10% starting Monday, a company spokesman said Friday.  
The spokesman confirmed a report on the price increase that ran in local paper El Norte Friday.  
Cemex is looking to cut costs and increase revenue after an expensive takeover earlier this year.  Cemex is also planning to reduce its staff, but hasn’t said by how much.  
In the third quarter of this year,  Cemex completed the acquisition of Australia’s Rinker for $15.3 billion, raising its net debt to $19.2 billion at the end of September.  
Much of Rinker’s operations are in the U.S., where the housing construction market is suffering from a sharp slowdown.