Editing Cemex (section)

==History==
CEMEX was founded with the opening of Cementos Hidalgo, in 1906. Meanwhile, Cementos Portland Monterrey began operations in 1920, and in 1931, the two companies merged, becoming Cementos Mexicanos, now CEMEX. In the 1960s, CEMEX grew significantly when it acquired several more plants throughout Mexico. In 1976, the company went public on the Mexican stock exchange, and that same year, became the largest cement producer in Mexico with the purchase of three plants from Cementos Guadalajara. In 1982, the company made significant progress in overseas markets, doubling its exports. Further acquisitions of Mexican cement companies were made in 1987 and 1989, making CEMEX one of the ten largest cement companies in the world.

In 2004, CEMEX received the [[Wharton Infosys Business Transformation Award]] for their creative and efficient use of information technology.<ref>{{cite web | url=https://www.infosys.com/newsroom/press-releases/Pages/business-transformation-awards.aspx | title=Infosys - Newsroom &#124; Press Releases &#124; Business Transformation - Wharton Infosys Business Transformation Awards | access-date=2016-04-29 | archive-date=2016-06-01 | archive-url=https://web.archive.org/web/20160601013910/https://www.infosys.com/newsroom/press-releases/Pages/business-transformation-awards.aspx | url-status=dead }}</ref>

In 2005, CEMEX acquired [[RMC Group]], a [[Ready-mix concrete|ready mixed concrete]], [[Quarry|quarrying]] and concrete products company headquartered in [[Egham|Egham, United Kingdom]].<ref>{{Cite web |title=CEMEX completes acquisition of RMC |url=https://www.cemexusa.com/-/cemex-completes-acquisition-of-rmc}}</ref>

===Internationalization, 1990–2006===
In 1992, CEMEX began its push into the international landscape with the purchase of Spain's two largest cement companies, Valenciana de Cementos (Valcem, currently head of CEMEX Spain) and Cementos SANSON. [[Venezuela]]'s largest cement company, VENCEMOS, was acquired by CEMEX in 1994, and plants were purchased the same year in the United States and in [[Panama]]. In 1995 CEMEX acquired a cement company in the [[Dominican Republic]], and with the purchase of a majority stake in a Colombian cement company in 1996, CEMEX became the third largest cement company in the world. In 1997–1999, the company expanded its scope to include Asia and Africa, making major purchases in the [[Philippines]], [[Indonesia]] and [[Egypt]], as well as [[Costa Rica]]. The acquisition of U.S. based [[Southdown (corporation)|Southdown]] made CEMEX the largest cement company in North America, and further international purchases were made in the following two years—a [[Thailand|Thai]] company in 2001, and in 2002, a [[Ponce Cement, Inc.|Puerto Rican]] company.<ref>{{Cite news |issn=0458-3035 |agency=Reuters |title=Mexico's Cemex to Buy Southdown of Houston |work=Los Angeles Times |access-date=2016-03-28 |date=2000-09-30 |url=https://www.latimes.com/archives/la-xpm-2000-sep-30-fi-29180-story.html}}</ref>

On March 1, 2005, CEMEX completed its $5.8 billion acquisition of the London-based [[RMC Group]], which made CEMEX the worldwide leader in ready-mix concrete production and increased its exposure to European markets. With the acquisition, the company expected its annual cement production to increase to 97 million tons. Also they had hoped to see its annual sales grow to $15 billion, just shy of the market leader, [[Lafarge (company)|Lafarge]] {{nyse|LR}}, which had sales of $17 billion. As none of these targets was met, CEMEX started looking for another suitor in its [[M&A]] push.

On October 27, 2006, CEMEX announced a US$12.8 billion offer to acquire all of the outstanding shares of [[Rinker Group]], Limited.  Seven months later, on April 10, 2007, the Rinker board of directors approved an upgraded offer of [[USD]] 14.2 billion, and on June 7, 2007, CEMEX secured the commitment from the holders of more than 50% of the shares to complete the acquisition.

===Recent history (2006–)===
Shortly after the apparent finalization of the Rinker deal in 2007, the United States Department of Justice brought an antitrust lawsuit against CEMEX, blocking the acquisition.<ref>Source: https://www.fullconcretecontractors.com/us-doj-blocks-cemex-acquisition-of-rinker/</ref> After a lengthy process, CEMEX complied with regulators by divesting (selling) 40+ cement and concrete plants formerly part of itself or Rinker, essentially devaluing the initial deal.<ref>{{Cite web|url=https://www.justice.gov/atr/cases/f243500/243560.htm|title = Second Modified Final Judgment|date = 25 June 2015}}</ref>

In April 2008, the President of [[Venezuela]], [[Hugo Chávez]], announced the nationalization of "the whole cement industry" in that country, in response to the belief that the industry was exporting its products in order to receive prices above those it was allowed within the country.<ref>[https://www.cbsnews.com/news/hugo-chavez-nationalizes-cement-industry/ Hugo Chavez Nationalizes Cement Industry], CBS News, April 4, 2008.</ref> In mid-2008 the Venezuelan government took over the Venezuelan operations of CEMEX, the largest Venezuelan producer with around a 50% market share; a deal on compensation was still to be reached in March 2009,<ref>{{cite news|url=https://www.reuters.com/article/reutersEdge/idUSTRE5243CX20090305 |title=FACTBOX: Venezuela's nationalizations under Hugo Chavez |date=March 5, 2009 |work=Reuters}}</ref> despite agreements being reached in mid-2008 with the other two major cement producers.<ref>{{cite news|url=https://www.nytimes.com/2008/08/19/business/worldbusiness/19cement.html |work=The New York Times |title=Venezuela Is Set to Take Control of Cemex Plants |date=August 19, 2008 |access-date=April 28, 2010}}</ref> In December 2011, an agreement was reached, with Cemex receiving $600m in compensation, and benefiting from the cancellation of $154m in debt.<ref>Cemex, [http://www.cemex.com/MediaCenter/PressReleases/PressRelease20111201.aspx CEMEX and Venezuela sign agreement on compensation for nationalization of CEMEX Venezuela] {{webarchive |url=https://web.archive.org/web/20120122123105/http://www.cemex.com/MediaCenter/PressReleases/PressRelease20111201.aspx |date=January 22, 2012}}</ref>

After having problems with the Mexican peso devaluation of 2008, including problems with derivatives,<ref>{{cite news|url=https://www.reuters.com/article/idUSN0931861120081009 |work=Reuters |title=UPDATE 2-Mexico's Cemex tumbles on peso, derivatives |date=October 9, 2008}}</ref><ref>{{Cite web|url=http://www.fool.com/investing/international/2008/10/10/precarious-peso-pounds-cemex.aspx|title = Precarious Peso Pounds Cemex|date = 10 October 2008}}</ref> CEMEX had to rethink its international standings to decrease debt and avoid a default. In June 2009, CEMEX sold its Australian operations to [[Holcim]] for [[Australian dollar|A$]] 2.2 billion ([[US$]]1.75 billion) helping refinance its US$14 billion  debt, which partly was due to the acquisition, two years earlier, of the  [[Rinker Group]].<ref>{{cite news |last=Battersby |first=Lucy |title=Mexican sell-off puts Australian concrete operations in Swiss hands |work=[[The Sydney Morning Herald]] |url=http://www.businessday.com.au/business/mexican-selloff-puts-australian-concrete-operations-in-swiss-hands-20090615-caqg.html |access-date=2009-07-07}}</ref>

In December 2010, DOL Resolves Employee Back Wage Case With CEMEX – The U.S. Department of Labor announced the filing of a consent judgment in a case against CEMEX Inc. and the recovery of $1,514,449 in overtime back wages for 1,705 current and former ready-mix drivers who worked in eight states.<ref>{{Cite web|url=http://nessaccess.com/news_2010/dol_resolves_employee_back_wage_case_with_cemex.html|title=DOL Resolves Employee Back Wage Case With CEMEX|website=nessaccess.com|access-date=2016-12-22|archive-url=https://web.archive.org/web/20160304045048/http://nessaccess.com/news_2010/dol_resolves_employee_back_wage_case_with_cemex.html|archive-date=2016-03-04|url-status=usurped}}</ref>

In 2016, Cemex sold its Rinker Materials pipe business to Quikrete.<ref>{{cite web | url=https://www.powderbulksolids.com/wire-cloth/cemex-selling-us-reinforced-concrete-pipe-unit-500m | title=CEMEX Selling U.S. Reinforced Concrete Pipe Unit for $500M | date=29 November 2016 }}</ref>

In February 2018, the company reported record earnings of $750 million for all of 2016, the highest in a decade. Lowering company debt after recent acquisitions were a main cause of the company's financial performance.<ref>{{Cite news|url=https://www.barrons.com/articles/cemex-jumps-on-record-earnings-1486672741|title=Cemex Jumps On Record Earnings|last=DeFotis |first=Dimitra|access-date=2018-03-02|language=en-US}}</ref> In the second-quarter 2021 CEMEX reported a net profit of US$270 million and a Debt-to-Ebitda 2.85 leverage ratio, within investment-grade range.<ref>{{Cite news|date=2021-07-29|title=UPDATE 3-Mexican cement maker Cemex profit boosted to $270 million in construction rebound|language=en|work=Reuters|url=https://www.reuters.com/article/cemex-results-idUSL4N2P52FK|access-date=2021-07-30}}</ref>

In July 2022, Cemex acquired majority stake in ProStein, a German aggregates producer.<ref>{{Cite news |date=2022-07-11 |title=Mexico's Cemex acquires majority stake in German aggregates producer |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/mexicos-cemex-acquires-majority-stake-german-aggregates-producer-2022-07-11/ |access-date=2022-07-15}}</ref>

In 2023, the U.S. [[National Labor Relations Board]] affirmed findings that Cemex had committed over two dozen [[Unfair labor practice|unfair labor practices]] leading up to a 2019 [[Trade union|union]] election. The board used this case to set a new policy that an employer who interferes with an election will be compelled to recognize the union without an election, where previously a new election would be ordered.<ref>{{Cite news |last=Wiessner |first=Daniel |date=2023-08-25 |title=NLRB paves way for workers to unionize without formal elections |url=https://www.reuters.com/legal/government/nlrb-paves-way-workers-unionize-without-formal-elections-2023-08-25/ |access-date=2024-03-16 |work=[[Reuters]]}}</ref><ref>{{Cite web |title=Unions Score Big Win as NLRB Eases Path to Representation (3) |url=https://news.bloomberglaw.com/daily-labor-report/unions-score-big-win-as-labor-board-resurrects-joy-silk-doctrine |access-date=2024-03-16 |website=news.bloomberglaw.com |date=25 August 2023 |language=en}}</ref> The case marked a significant new policy which partly revived the [[Joy Silk]] doctrine.<ref>{{Cite web |title=Board Issues Decision Announcing New Framework for Union Representation Proceedings {{!}} National Labor Relations Board |url=https://www.nlrb.gov/news-outreach/news-story/board-issues-decision-announcing-new-framework-for-union-representation |access-date=2024-03-16 |website=www.nlrb.gov |language=en}}</ref>