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Cemex to Cut Workforce

Mexico's Cemex, the second-largest producer of sand and gravel; and the fifth-largest producer of crushed stone in the United States, plans to cut 6 percent of its workforce worldwide as part of a wider reorganization.

Cemex, which operates in 50 countries and is one of Latin America's biggest companies, announced in April that it is reorganizing its business into six separate regions and designating new business heads for each area.

The cement maker said it hopes to generate $400 million in additional cash flow by the end of 2012 through cutting costs and improving underperforming businesses, according to Reuters.

The company, which employs about 46,500 people, has said it is seeking cost savings of about $250 million this year and it also expects to sell about $150 million in assets, which it will use to pay down debt. Cemex has been struggling with its debt load after buying Australian rival Rinker just before the U.S. housing crisis began.

The company reported a wider-than-expected first-quarter loss, but said sales rose in a sign it is slowly recovering from the worst crisis in its century-long history.