Cemex history

Our critics know a lot about Mexico, but not enough about the cement industry." Cemex had paid less than half of what Cemex's competitors Lafarge and Ciment Francais (now part of Italcementi) paid for smaller Spanish cement companies in 1989.

By 1990, the company reached sales of approximately $1.2 billion, and accounted for 66 percent of Mexico's cement market, gaining the attention of investors who also appreciated Cemex's operating margins: 27 percent vs.

In 1992 Zambrano negotiated a bridge loan from Citicorp, among others, for the acquisition of majority holdings in two Spanish cement companies, spending $1.84 billion, causing Cemex stock to plummet due to investors' fears that the company was expanding too rapidly.

During this period Cemex had 18 cement production plants and 36 distribution terminals strategically located in Mexico and the United States The company's first quarter 1994 American sales increased by 45 percent over the previous comparable quarter.

Cemex then gained a controlling 70 percent interest in Rizal in November 1998 for an additional $130 million.

In May 2001 the company gained a foothold in Thailand via the $73 million purchase of Saraburi Cement Company Ltd. (later renamed Cemex Thailand Co.

Critics of the company--as well as some financial institutions--consistently raised concerns over the company's massive debt load; long-term debt stood at $4.37 billion at the end of 2002.

By late 2003 it appeared that Semen Padang would be spun off from its parent, perhaps finally clearing the way for Cemex to gain its long-sought-after controlling stake.

In 2004, CEMEX received the Wharton Infosys Business Transformation Award for their creative and efficient use of information technology.”