MERGERS & ACQUISITIONS

Taking a Mexican Company Global: The CEMEX Way

Bernardo Sousa Machado | Carolina Ambrsio | Miguel Leal | Pedro Tom | Sebastio Fernandes | Toms Lameira
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PRESENTATION
AGENDA
CEMEX Brief description of the companys overview, the business situation and main distinctive characteristics of CEMEX.

Growth Strategies Summary of the most relevant ways a company has to grow (organic and inorganic strategies to grow).

Organic Growth A list of pros and cons is presented, followed by examples of its implementation on CEMEX.

Composed of Joint Ventures and Acquisitions and a list of pros and cons of each is summarized. Afterwards,
Inorganic Growth examples of its implementation on CEMEX are presented, with a focus on developed and developing countries.

Explanation of the rationale that supports companies global diversification and the key challenges that may
Going Global arise from it.

Presentation of the main drivers for the Rinker acquisition, followed by an analysis of the impact of that acquisition.
Acquisition of Rinker

Summary of lessons taken from the case analysis.

Lessons Learned

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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CEMEX THE COMPANY
CEMEX IS A MAJOR GLOBAL CEMENT PRODUCER HEADQUARTED IN MEXICO

HISTORY THE CEMEX WAY

01 Started out in 1906 as Cementos Hidalgo in a Mexican City 03 Cutting-edge technology
close to the US border. Implement key information and single internet-based
In 1931 merged with Cementos Portland Monterrey to become technologies
Cementos Mexicanos S.A., better known as CEMEX Use similar Management Techniques
Lorenzo H Zambrano is the CEO, since 1985 graduated in Identify and disseminate the best practices efficiently
mechanical engineering and administration from ITESM manage the global knowledge base
(Mexico) and holding an MBA from Stanford University Standardize business processes 1

Marketing and Branding

Invest on brand loyalty and recognition
PRODUCT LINE Being close to the end user Distinguishing feature of
02 Manufactures and distributes cement, ready-mix concrete and CEMEX globally
aggregates.
Growth through acquisitions, both domestically and
internationally
Reduce the instability of regional cycles
Develop credit lines outside Mexico to protect from Mexican
Economic crisis
Pick the right target at the right price Opportunity
Purely debt financed - using financial derivatives to hedge
foreign-currency risks
Post-merger acquisition (PMI) strategy - Integrate purchased
CEMENT CONCRETE AGGREGATE operations and apply CEMEXs practices

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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CEMEX THE BUSINESS SITUATION
THE BUSINESS SITUATION OF THE COMPANY IS DEFINED BY THE MARKET S IZE, INDUSTRY, GEOGRAPHIC DISTRIBUTION AND COMPETITION

MARKET SIZE GEOGRAPHIC DISTRIBUTION

The world market has been decreasing in value from 2001 until 2005, Most of CEMEXs Net sales come from United States (25%), followed
experiencing a small rebound in 2006. by Mexico (19%).
World Market ($ M)
Geographic Breakdown of Net Sales
200000
196000
195000 192500 Africa/Middle East

189000
190000 Asia
186000 186000
184000 Before
185000
Mexico
Rinker
180000
United States
175000
2001 2002 2003 2004 2005 2006 Spain

INDUSTRY
Strongly tied to the seasonal construction industry and sensitive to the
same ups and downs COMPETITION
There was little room for diversification and even though cement Intensive in 2006, the big players in the cement industry had created
couldnt be differentiated much from one company to the other, the some pretty intense competition locally and globally. The big four
quality could vary slightly depending on the raw material used at the included: Lafarge (France), Holcim (Switzerland), CEMEX (Mexico) and
start and added near the finish HeidelbergCement (Germany).
Customers got used to and trusted their cement suppliers, so they
tended to be wary of proposed changes to the product.
Large cement companies enjoyed economies of scale in purchasing
and efficiency, while small firms tended to serve small markets and
compete in customer service.
Board Recommendation Taking a Mexican company Global The CEMEX WAY
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CEMEX DISTINCTIVE FACTS
THE LEADERSHIP PROGRAM AND THE POST MERGER INTEGRATION PROCESS D EVELOPED BY THE COMPANY MAKE IT UNIQUE

LEADERSHIP PROGRAM PMI PROCESS

The movement started in 1998 with a centralization strategy and grew Post-merger integration phase, in which Zambrano and his team

to become its global business model. looked for lessons learned.

A restructuring of all CEMEX treasury departments around the world Informed around the weight of cultural differences that were to exist

took place, in which all of them had to report to Gonzalez and used the between CEMEX and the companies it acquired.

same IT and reporting system. Could easily scale up or down, depending on the need, without

Consequently, the company reduced costs, became able to draw interrupting the regular flow of CEMEX business worldwide.

comparisons amongst different geographies and financial information Included legacy CEMEX managers and personnel from the acquired

was provided to the whole system. firms business leaders, process experts and analysts
Modus operandi: used a standardized organizational template that
consisted of local functions (production, commercial and logistics)
The size of the team would decrease as execution duties following the
acquisition were embedded into the new business
Defined a target of 10% return on capital for acquisitions

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GROWTH STRATEGIES
A COMPANY CAN CHOOSE TO GROW AND INCREASE ITS BUSINESS ACTIVITY BY ENHANCING SALES INTERNALLY OR RATHER BY RESORTING TO MERGERS, TAKEOVERS AND
JOINT VENTURES

HOW TO GROW

ORGANIC GROWTH INORGANIC GROWTH

Increase # options per product Mergers

Increase # products or change products to
better reflect customer needs Acquistions
Increase or change marketing/promotion Joint Ventures
Changing packaging or sales force strategies
Increase # or quality of distribution channels
Enter new market (exports or from scratch)

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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ORGANIC GROWTH PROS AND CONS
ORGANIC GROWTH PROVIDES FLEXIBILITY BUT AT THE SAME TIME MAKES IT MORE CHALLENGING FOR THE COMPANY TO REACH ITS CUSTOMERS

ADVANTAGES DISADVANTAGES

INVESTMENTS ARE MORE SCALABLE LONG TIME TO MARKET

You may decide to test your ideas on a smaller scale and Need to establish distribution channels, build plants, etc. in
invest less and when comfortable, scale it up and invest case of market entry or new segment
more money. When acquiring we can only go big or go home

COMPLETE FREEDOM TO SHAPE BUSNESS PROBLEM IDENTIFYING CUSTOMER NEEDS

By acquiring a business we could, for example, be stuck with If company is entering new market or segment customers
some of the acquired companys managers, who you may may be very different to the current ones
not see fit to be part of the company

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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 ORGANIC GROWTH IMPLEMENTATION AT CEMEX
CEMEX USED A MYRIAD OF STRATEGIES TO ACHIEVE GROWTH ORGANICALLY INCLUDING STRONGER MARKETING, MORE CUSTOMIZED PRODUCTS AND INTER NATIONAL
EXPANSION

INCREASE IN # OR QUALITY OF DISTRIBUTION CHANNELS

Provided nighttime delivery of ready-mix
concrete in Spain (24-hour service)
Gave clients access to their accounts through
mobile phones to check order status
Allowed Mexican migrants in the U.S. to buy INCREASE OR CHANGE MARKETING/PROMOTION
cement for families back home
Created loyalty incentive plans in Spain
Provided CEMEX financing (80%) and allowed
weekly payments cater for the needs of low-
income Mexicans
ENTER NEW MARKET (THROUGH EXPORTS)
CEMEX facilities in Venezuela gave company
access to northern Brazil, Panama and the
Caribbean
INCREASE # PRODUCTS OR CHANGE PRODUCTS TO
BETTER REFLECT CUSTOMER NEEDS
Supplied materials and provided architectural
advice to Mexicans to counteract their lack of
construction skills

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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INORGANIC GROWTH (JOINT VENTURES) PROS AND CONS
JOINT VENTURES ARE A CORPORATE ALLIANCE IN WHICH TWO OR MORE COMPANIES COMBINE THEIR RESOURCES TO ACHIEVE A SPECIFIC, LIMITED OBJECTIVE
INCENTIVE
It comes as an alternative to a business merger or acquisition
It involves two or more business coming together to work under a contractual agreement on a specific project for a certain period of time
ADVANTAGES
POOLED RESOURCES
Businesses work as partners for the purpose of making the project profitable for all
parties involved. There is an inherent value creation from combining know-hows in
specific divisions of a company according to the previous experiences of the participating
companies.
FLEXIBILITY
Being a temporary contract, the companies entering into the joint venture are not
required to create a business entity, thus, having a degree of flexibility not found in
more permanent business strategies. They dont need to give up control of their
businesses to another entity. Each company is able to maintain its own identity and can
easily return to normal business operations once the joint venture is complete.
SHARED RISK
The creation of a new product or delivery to a new market varies a great deal of risk for
a business. Under a joint venture, each company contributes with a portion of the
resources needed to bring the product or service to a market, making the heavy
financial burden of R&D less of a challenge. The total risk is lower since the costs
associated with the project are distributed among each of the participating companies.
Board Recommendation Taking a Mexican company Global The CEMEX WAY
DISADVANTAGES
LIMITED OPPORTUNITIES
Normally, joint venture contracts restrict the outside activities of participating companies
while the project is in progress. Each company might be required to sign exclusivity
agreements that affects current relationships with vendors or other business contacts.
These arrangements are meant to reduce the potential for conflicts of interest between
participants so that the project runs smoothly.
INCREASED LIABILITY
The majority of the participant companies are established as a partnership or a limited
liability company and operate with an understanding of the risks of liability associated
with their chosen business. Being exposed to the liability inherent to a partnership, each
company is responsible for claims against the joint venture on an equal basis, despite its
level of involvement in the activities that prompted the claim.
UNEVEN DIVISION OF WORK AND RESOURCES
Although the participating companies share control over the project, the work activities
and use of resources are not always divided equally. Each company has a specific know-
how of a particular aspect of the business, thus contributing with its share on it. However,
some operations are more burdensome than others, and placing a heavier weight on one
business creates a disparity in the amount of time, effort and capital contributed to the
overall project.
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INORGANIC GROWTH (JOINT VENTURES) IMPLEMENTATION AT CEMEX
CEMEX TRIED TO ESTABLISH ITS FIRST FOREIGN PRESENCE THROUGH A JOINT V ENTURE IN THE UNITED STATES

UNITED STATES - 1989

As the company had been exporting to the United States for many years, in invested in a joint venture, albeit not in the regular fashion.

CEMEX bought 50% of outstanding shares of Southwestern Sunbelt Cement Inc. which had distribution companies in Arizona and California.

ANTI - DUMPING
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Since such practises were questionable, a group initiated an anti-dumping
duty investigation of CEMEX.

A few months later, the Department of Commerce concluded that the

cement was being sold in the United States at less than fair value.

It imposed an anti-dumping order backed by the US Customs which

established a dumping margin equal to the highest rate found in the
investigation CEMEXs 61.85% Unable to get the ruling overturned, Zambrano reduced US
exports by 30% and moved on to Europe.

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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INORGANIC GROWTH (ACQUISITIONS) PROS AND CONS
AN ACQUISITION IS A CORPORATE ACTION IN WHICH A COMPANY BUYS ANO THER FIRM'S OWNERSHIP STAKES TO ASSUME CONTROL OF IT
INCENTIVE
Acquisitions are often made as part of a company's growth strategy when it is more beneficial to take over an existing firm's operations than it is
to expanding on its own
ADVANTAGES
QUICK ENTRY
Acquisition is one of the most time-efficient growth strategies. It offers the opportunity
to quickly acquire resources and core competencies not currently held by the company.
There is near-instantaneous entry into new product lines and markets, usually with a
recognized brand or positive reputation, and existing client base. In addition, the risks
and costs typically associated with new product development can drop dramatically
NEW RESOURCES AND COMPETENCES
If a new technology emerges that could increase productivity, a company may decide
that it is most cost-efficient to purchase a competitor that already has the technology.
Research and development may be too difficult or take too much time, so the company
offers to buy the existing assets of a company that has already gone through that
process.
MARKET POWER
An acquisition will quickly build market presence for your company, increasing market
share while reducing the competitions stronghold. Where competition has been
particularly challenging, growth through acquisition can reduce competitor capacity and
level the playing field. Market synergies are achieved.
Board Recommendation Taking a Mexican company Global The CEMEX WAY
DISADVANTAGES
HEFTY COSTS
Under some circumstances, the cost of acquisition can climb steeply, well beyond earlier
projections. This is particularly true in situations of hostile takeover bids. In some
situations of runaway costs, the added value may not be enough to justify the cost in
dollars and resources that went into making the acquisition happen.
INTEGRATION ISSUES
Integration of the acquired organization can bring a number of challenges. Company
cultural clash can erupt and activities of the old organizations may not mesh as well as
anticipated when forming the newly combined entity. Employees may resent the
acquisition, and undercurrents of anxiety and anger may make integration challenging.
POORLY MATCHED PARTNER
Unless the company has extensive first-hand experience in implementing acquisition as a
growth strategy, a business owner who does not seek professional advice in identifying a
potential company for acquisition may target a business that brings too many challenges
to the equation. A failed acquisition can rob an otherwise healthy organization of growing
and materialize synergies.
INORGANIC GROWTH (ACQUISITIONS) IMPLEMENTATION AT CEMEX
CEMEX ACQUISITIONS IN DEVELOPED MARKETS HAS BEEN A MAJOR SOURCE OF DIVERSIFICATION AND PROXIMITY TO ITS COMPETITORS

SPAIN EUROPE

With the acquisition of Valenciana and Sanson, Spains two largest A shift from an emphasis on margins to return on investment,
cement companies, CEMEX initiated its international expansion into the prompted CEMEX to buy the ready-mix concrete RMC, its first
European market with a 28% of Spanish market share. Linguistic and acquisition of a diversified multinational. With plants spread over
cultural ties between the two countries made it a sensible strategic 11 countries in Europe and also in Israel, Malaysia and the United
move. The acquisition also allowed the company to lower its cost of Arab Emirates, the acquisition helped CEMEX gaining market share
capital, through the access to Spanish capital markets, at a time when even in countries where RMC had CEMEXs competitors as
Mexican interest rates were reaching 40%. suppliers.

US

The acquisition of Southdown for $2.8 Billion provided

Cemex with a Powerhouse in North America making it the
largest cementer producer in the region.
The deal helped the company reduce its exposure to the
volatility of the emergent markets investments, that after
the acquisition lowered to 2/3 of cash flows.

ALL ACQUISITIONS WERE PURELY DEBT FINANCED MOST BY SHORT TERM BANKS LOANS

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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INORGANIC GROWTH (ACQUISITIONS) IMPLEMENTATION AT CEMEX
CEMEX INORGANIC GROWTH THROUGH DEVELOPING MARKETS HAS BEEN THE MAJOR SOURCE OF EXPONENTIAL AND SUCCESSFUL GROWTH

CENTRAL AMERICA MIDDLE EAST

Panamas urge to rebuild the country after the By acquiring a cement factory in Egypt,
military dictator Manuel Noriegas mayhem Zambrano was capable of diversifying its
made demand for concrete across the country investments since these operations revenues
flourished. were tied with oils performance.
By acquiring two Dominican Republics cement
producers, CEMEX was third place globally.

SOUTH AMERICA ASIA

Venezuela was suffering from an economic Zambrano acquired Philippines biggest cement
crisis, making the acquisition of the countrys company during the Asian financial crisis, taking
largest cement producer a bargain. advantage of the economic crisis to invest in
Its facilities proximity to the coast contributed bargains and raise low cost-capital.
to a positioning advantage, giving access to The Philippines operations also conferred the
Brazil, Panama and the Caribbean. positioning advantage given the proximity to
ports.

ALL ACQUISITIONS WERE PURELY DEBT FINANCED MOST BY SHORT TERM BANKS LOANS

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GOING GLOBAL
THERE ARE THREE REASONS WHY COMPANIES ENGAGE IN INTERNATIONAL EX PANSION

International
Business

INCREASE SALES DIVERSIFICATION ACQUIRE RESOURCES

Access to new markets allows the company to Geographical diversification efforts allow a Going global may give a company access to
increase its customer base and confront company to diversify away some of its additional as well as better resources to which
international competitors more effectively operational and financial risks they would not have access otherwise

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GOING GLOBAL WHY?
ACCESS TO NEW MARKETS ALLOWS THE COMPANY TO INCREASE ITS CUSTOME R BASE AND CONFRONT INTERNATIONAL COMPETITORS MORE EFFECTIVELY

Access to new and bigger markets allows the company to increase its
SALES GROWTH customer base and potential profits:
1906: Start as a small cement-producing factory named Cementos Hidalgo
Customer Base
1992: First successful internationalization - Spain 25% market share entry
Increase in costumer base 2000: 33% of Cash Flow originating from developed countries
from new markets Present: CEMEX is the 3rd largest player on the global cement market
Ability to compete with
international firms

Going global gives local firms the capabilities they need to more effectively
compete or thwart the growth of international competitors:
International When Mexico opened its protected economy to international businesses,
Competition local competition increased substantially
Zambrano responded by deciding to enter the global markets: We knew
that if we did not take those risks, we would not survive as a company

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GOING GLOBAL WHY?
GEOGRAPHICAL DIVERSIFICATION EFFORTS ALLOW A COMPANY TO DIVERSIF Y AWAY SOME OF ITS OPERATIONAL AND FINANCIAL RISKS

Going global allows companies to hedge themselves against local cyclicality and
DIVERSIFICATION
country-specific risk, thus smoothing theirs sales and decreasing operational risk:
According to the Financial Times, (U.S.) Southdown Inc.s purchase reduced
Operational CEMEXs dependence on volatile emerging markets
Hedging local cyclicality
Risk Diversifying geographically protected () CEMEX during the Mexican () crisis
Hedging country-specific
Unable to get the ruling overturned, Zambrano reduced U.S. exports by 30% and
risk
moved on to Europe
Access to financing even
Having multiple sourcing options also decreases risk (not mentioned in the case)
in times of crisis

A global footprint guarantees access to financing, even in times of crisis:

Our timely geographical diversification () and use of non-Mexican assets to
Financial Risk
raise low-cost capital (...) contributed to our ability to profitability weather this
recent crisis, Zambrano

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GOING GLOBAL WHY?
GOING GLOBAL MAY GIVE A COMPANY ACCESS TO ADDITIONAL AS WELL AS BETTER RESOURCES TO WHICH THEY WOULD NOT HAVE ACCESS OTHERWISE

Access to new best practices both human an technological:

ACQUISITION OF Combined personnel from CEMEX and target company form the PMI team
RESOURCES Operating
Local functions are staffed with legacy acquired-company managers
Knowledge
RMCs quarry cycle management and its use of automation were recognized as
Best-practices best practices and integrated in CEMEX way model and operations
Centralization & Cost reduction through centralization and economies of scale:
Economies of Scale Economies of Treasury reporting directly to HQ allowed significant cost-reductions
Cost Reduction Scale There are large savings to be made when identical systems exist everywhere
Global capital markets Global sourcing can reduce costs and provide access to better materials
Infrastructure
Access to global capital markets increases significantly investment opportunities:
Financing Offering American Depository Receipts provides access to more investors
1998: listed in the New York Stock Exchange

New infrastructure increases a companys reach:

Infrastructure
Caribbean maritime terminals expanded CEMEXs exporting capabilities

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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GOING GLOBAL CHALLENGES
DESPITE ITS ATTRACTIVE ADVANTAGES INTERNATIONAL BUSINESS ALSO HA S ITS PERILS. TO BE SUCCESSFUL, SEVERAL CHALLENGES MUST BE OVERC OME

CURRENCY (FINANCIAL) CHALLENGE

Correct Target Valuation
Currency Exposure
Foreign Taxation
COUNTRY CHALLENGE
Government intervention & Protectionism (ex: U.S. first
entry | Indonesian failed acquisition)
COMMERCIAL CHALLENGE
Timing of Entry Bureaucracy, administrative delays, corruption
CHALLENGES
Weak partner (JV) / Poor target selection Legal safeguards and barriers

Competitive intensity (ex: Spanish market) Social & Political Instability

Poor strategy execution or Post-Merger-Integration

Operational Problems (ex: Standardization efforts may CULTURAL CHALLENGE
clash with local needs | Quality control requirements) Cultural & Ethical & Perception Differences
Different decision-making methods
Negotiation Patterns (ex. Indonesia Failed acquisition)

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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ACQUISITION OF RINKER EX-ANTE ANALYSIS
THIS ACQUISITION IS FUNDAMENTALLY ABOUT VALUE CREATION, NOT ABOU T SIZE

Aligned with CEMEX's acquisition strategy (2nd prong of The CEMEX Way) strategic tip for
CEMEX
Going Global Economies of scale in purchasing and efficiency
Synergies

Multinational building products company

Strong financial condition enthusiastic about(...) the collegial finance of that company
Conducted most of its business in the US, focusing on West, Southwest and Southeast - regions
with the highest population and GDP growth rates, as well as the strongest long-term
construction projects and prospects
Rinker in particular Improve ability to serve clients in the US the worlds largest and most dynamic building
material market.
Expansion to new market (Australia) that facilitates introduction to China
Double ready-mix business and triple the aggregates business
Opportunity to change the product wise contribution to CEMEXs EBITDA

Recommendation CEMEX should acquire Rinker

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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ACQUISITION OF RINKER EX-POST ANALYSIS
CEMEX SIGNIFICANTLY OVERPAID FOR RINKER WHICH PUT THE COMPANY IN JEOPARDY DUE TO THE EXCESSIVE LEVERAGE USED TO ACQUISITION

WHY WAS RINKER A BAD ACQUISTION?

CEMEX overpaid for Rinker, thereby destroying value for its shareholders Net-Debt-to-EBITDA (CEMEX)
After its original bid of $12,8bn (including debt) was rejected by Rinkers 9,0x

board CEMEX, revised its offer to $15,3bn (including debt) 8,0x

Even though the $15,3bn amount to 11,3x EBITDA, 2006 was a
7,0x
uncharacteristically good year for the company, and so, a trailing three-year
average of EBITDA would provide a more realistic picture of the future of 6,0x
Rinker. Using this average CEMEX paid 15x EBITDA for the acquisition,
5,0x
significantly higher than the industrys multiple of 10,62x
Timing of the acquisition 4,0x

Just before the burst of the subprime mortgage bubble which sent the world
3,0x
into a recession and contracted credit, especially the US which was the
country CEMEX had more exposure to. 2,0x

CEMEX almost defaulted on its debt payments, risking bankruptcy 1,0x

Sold part of Australian operations to Holcrim for $1,6bn to serve its payment
0,0x
until mid-2011 2006 2007 2008 2009 2010 2011
CEMEX wasnt able to achieve its target net-debt-to-EBITDA ratio of 2,7
Millions of dollars 2004 2005 2006
times by mid-2009 (ratio was 5,7 times) which resulted in credit rating EBITDA $ 728,8 $ 970,1 $ 1.354,5
downgrade, a higher cost of capital, a decrease in equity value for the firm EBITDA L3Y AV. $ 1017,8

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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LESSONS LEARNED
HOW TO INTEGRATE NEW ACQUISITIONS WITH INCREASING SPEED AND EFFICIENCY TO CAPTURE THE LONG-TERM VALUE
IMPORTANCE OF THE PMI
Identify and integrate core departments
Identify potential synergies and define plans
Define an effective organization structure implement CEMEX culture and values
Retain knowledge and expertise
Finding skilled managers to run the PMI process Increased efficiency with personnel from both organizations
Ensure smooth transition from PMI activity to firmer operations
Regularly evaluate and learn from successes and failures during the PMI process

BENEFITS OF M&A
Significant increase in Market Share and resources
Expertise and know-how of the acquired
Significantly faster than organic growth
Tax considerations
Fend-off hostile takeover attempts, by achieving a significant size (Acquisitions began to grow with the fears of NAFTA in 1993 )

BENEFITS OF GOING GLOBAL

Increase in customer base
Geographic diversification:
Hedge against local cyclicality and country-specific risk
Access to financing even in times of crisis
Resource acquisition: Best-practices (human & technological) | Infrastructure | Financing | Economies of Scale

If there's an opportunity, either you grab it or you let go. If you let go, you don't grow - Zambrano

Board Recommendation Taking a Mexican company Global The CEMEX WAY

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