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.
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