Lafarge to Cut 460 Jobs Worldwide, Including 90 in France

Lafarge SA (LG), the world’s biggest cement maker, will eliminate 460 jobs globally as it pushes ahead with an overhaul.

Of the headcount reduction, the Paris-based company will cut 90 jobs in France through a “voluntary redundancy” plan, the company said in a statement.

Chief Executive Officer Bruno Lafont in November announced a plan to save an extra 500 million euros ($658 million) in expenses from 2012. He also said then that the company will continue to sell assets after shedding more than 2 billion euros of assets in 2011.

Standard & Poor’s and Moody’s Investors Service cut Lafarge’s credit rating to below investment grade last year, saying the company will have difficulty restoring profitability because of rising raw-material prices, political turmoil in the Middle East and a lingering construction slump in countries such as the U.S., Spain and Greece.

To contact the reporter on this story: Francois de Beaupuy in Paris at fdebeaupuy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.