==========================================================================================================================================================================================================
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________________
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 or 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
_______________________
Date
of Report: October 16, 2008
CEMEX, S.A.B. de
C.V.
(Exact
name of Registrant as specified in its charter)
CEMEX
Corp.
(Translation
of Registrant's name into English)
United Mexican
States
(Jurisdiction
of incorporation or organization)
Av.
Ricardo Margáin Zozaya #325, Colonia Valle del Campestre
Garza García, Nuevo León, México
66265
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.
Form
20-F
X Form 40-F
___
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes
____ No
X
If
"Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):
N/A
==========================================================================================================================================================================================================
|
Media
Relations
Jorge
Pérez
(52-81)
8888-4334
|
Investor
Relations
Eduardo
Rendón
(52-81)
8888-4256
|
Analyst
Relations
Luis
Garza
(52-81)
8888-4136
|
CEMEX
PROVIDES UPDATE
ON
COST REDUCTION INITIATIVES
MONTERREY, MEXICO, October 16, 2008
– CEMEX, S.A.B. de C.V. (NYSE: CX) announced today that it has identified
specific targets in its ongoing effort to reduce costs and optimize its
business, originally announced in mid-September.
Overall,
CEMEX has identified close to US$500 million in recurrent annualized cost
reductions. Some of the cost reduction initiatives throughout the company’s
global network include budget cutbacks, capacity closures, and headcount
reductions. These measures will be fully implemented before the end of the
year.
CEMEX
has also significantly reduced its capital expenditure program and will complete
only those projects that are scheduled to come on line early next
year.
CEMEX
will continue to re-evaluate all of the processes and procedures of the
business, on a global basis, with a view towards achieving significant overall
cost-reduction and appropriate rightsizing of the business. However, it is also
taking precautions to ensure that its actions are not detrimental to its strong
global franchise. CEMEX manages its business for the long-term and to create
value for shareholders, and will ensure that its cost reduction efforts are
pursued with these goals in mind.
CEMEX
is a growing global building materials company that provides high-quality
products and reliable service to customers and communities in more than 50
countries throughout the world. CEMEX has a rich history of improving the
well-being of those it serves through its efforts to pursue innovative industry
solutions and efficiency advancements and to promote a sustainable future. For
more information, visit www.cemex.com.
###
This
press release contains forward-looking statements and information that are
necessarily subject to risks, uncertainties, and assumptions. Many factors could
cause the actual results, performance, or achievements of CEMEX to be materially
different from those expressed or implied in this release, including, among
others, changes in general economic, political, governmental and business
conditions globally and in the countries in which CEMEX does business, changes
in interest rates, changes in inflation rates, changes in exchange rates, the
level of construction generally, changes in cement demand and prices, changes in
raw material and energy prices, changes in business strategy, and various other
factors. Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described herein. CEMEX assumes no obligation to update or
correct the information contained in this press release.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, CEMEX, S.A.B. de
C.V. has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
CEMEX, S.A.B. de
C.V.
|
|||||
|
(Registrant)
|
|||||
|
Date:
|
October
16, 2008
|
By:
|
/s/ Rafael Garza
|
||
|
Name: Rafael
Garza
|
|||||
|
Title: Chief
Comptroller
|