Cemex sales up 6 percent in second quarter
Cement products giant Cemex said profit rose 6 percent in the second quarter, to $611 million from $579 million in the same period last year.
Sales also grew 6 percent, to $4.9 billion from $4.6 billion last year.
Ahigher sales volume in the cement and aggregates sectors of the company’s business contributed to the higher sales, according to a statement from Cemex.
"Our consolidated results show the continued strength of our business in the second quarter,” said Hector Medina, executive vp-planning and finance for Cemex. “We achieved significant increases in net sales while further reducing our debt levels, even in the face of the continued downturn in the United States' residential sector.”
Cemex has nearly completed its acquisition of Rinker Materials, a top distributor of non-lumber building materials in the United States, with $4.5 billion in sales last year.
Cemex has purchased more than 90 percent of the shares of Rinker Group, Rinker’s Australian parent company. Rinker will be folded into Cemex, North America’s largest cement producer.