(China) — Cemex is on the verge of establishing a strategic partnership to strengthen its presence in the Chinese market. This was announced by the CEO, Lorenzo Zambrano. He announced that Cemex already has permits and a strategic partnership for the production of pre-mixed cement in China.
However, he refused to divulge further details “until a deal is finalized.”
“China is consuming 50 percent of the cement produced worldwide,” Zambrano told a press conference prior to an annual shareholders meeting in the northern city of Monterrey.
Cemex plans to invest about $475 million this year on its global expansion operations. The company’s sales in the Middle East remain unaffected by the events in Egypt.
Cemex is also hoping for a mutually satisfactory deal with the Venezuelan government on the compensation for expropriated assets in Venezuela.
“Things are really on the right path and we hope they’re resolved soon.” the CEO said.
Cemex will issue shares equivalent to $200 million American Depositary Receipts with a view to raising funds needed to pay down some $2.3 billion in debt.
By: Rashmi Kalia (ARI-C NEWS)