Cementos Portland Valderivvas debt reduction plans, Spain

Spanish cement producer Cementos Portland Valderivvas is looking to reduce debt to around EUR1bn from the current EUR1.3bn with two options on the cards.

The company is looking for institutional investors to subscribe to its forthcoming capital hike, the proceeds of which will allow Cements Portland to cut debt. It is also considering the divestment of it Giant subsidiary in the USA and reduce its workforce by some 500 employees, Cinco Dias reports

For this year, the company is planning to increase EBITDA to EUR200m from EUR150m last year.