Cemex, Latin America's largest cement company, has announced cuts to its corporate management staff as part of a cost optimisation plan, according to Mexico’s Reforma newspaper.
The cement company, based in the state of Nuevo León, expects to generate US$350m in annual savings by 2027, with these latest cuts taking place at its corporate headquarters in Monterrey.
"We are simplifying the way we work and further empowering our regions to operate in a more agile and efficient way," a Cemex source told the media outlet.
"Therefore, certain corporate functions have been reassigned to operations, as well as cancelled positions from other projects that have ended because they have already met their objectives."
Cemex shares fell 0.87 per cent on Tuesday on the Mexican Stock Exchange, trading at MXN13.71 (US$0.73), their lowest level in the last four sessions.
