CEMEX Emerging Market Analysis

CEMEX: Emerging Market Analysis 1
CEMEX
Emerging Market Analysis
Courtney E. Schlipp-Fisk
Central Michigan University – MBA 660

Abstract
This paper is an individual analysis of a multinational company from an emerging market. The
focus of this paper is CEMEX, a cement company with its organizational headquarters located in
Mexico. Topics of discussion include CEMEX’s financial performance, both home and abroad,
its first foray into global business, and the purposes behind its choice to internationalize.
Additionally discussed are the geographic markets in which CEMEX operates, the core
businesses within those regions, and some of the strategic reasons for CEMEX’s choice of
location. CEMEX’s foreign entry strategy of equity entry or acquisition is discussed, as well as
the frustrations and difficulties that the firm has faced in operating internationally.

Lorenzo Hormisdas Zambrano Gutierrez founded CEMEX in 1906 with the opening of
the Cementos Hidalgo plant in northern Mexico. (CEMEX USA “Company History,” 2015).
The company itself started as a small regional cement firm, and has since grown into a global
conglomerate that provides products and services in more than 50 countries, and maintains trade
relationships in approximately 108 nations. (CEMEX “Company Profile,” 2015).
CEMEX has coined itself as “a top global building solution company” in that it provides
products and services in many ways, shapes and sizes to custom-fit the consumer, whether it be a
large global construction company building a skyscraper or a small local government putting a
drainage pipe beneath a rural road. (Ibid). The main product markets supplied by CEMEX
include: cement, ready-mix concrete, aggregates, concrete pipe and block, gypsum, asphalt, and
fly ash.1
(CEMEX USA “Products & Services,” 2015). In fact, a subsidiary of CEMEX,
Mineral Resource Technologies (MRT) is one of the leading suppliers of fly ash and other coal
combustion products in the United States. (CEMEX USA “Products & Services,” 2015).
In addition to offering the above products, CEMEX provides value-added services to
support its customer’s projects. (CEMEX USA “Products & Services,” 2015). One example is
an online customer portal known as CEMEX Connect, whereby customers are able to pay
invoices and view account their account information at any time, including access to volume
reports, order status, and other technical reports and documents. (CEMEX USA “Online Tools,”
2015). Another service provided by CEMEX is Smart Silo, a system used by customers who
have cement silos on site that are supplied by CEMEX distribution channels. (CEMEX USA
“Smart Silo,” 2015). CEMEX installs sensors inside the customer’s silo that are used to track

1
Fly Ash is “a byproduct of coal-fired electric generating plants, often used in Ready Mix Concrete and other
construction materials.” (CEMEX USA “Products & Services, 2015).

consumption and inventory information, and then transmit relevant data back to CEMEX in
order to provide the customer with JIT cement inventory. (CEMEX USA “Smart Silo,” 2015).
CEMEX also has an Export Division, located in Miami, Florida, that provides logistics as
well as any construction materials needed for the majority of building projects. (CEMEX USA
“Export Services,” 2015). The company has formed alliances with several manufacturers of
construction materials - National Gypsum, a company that manufactures drywall and cement
backing; Armstrong, a company that offers a wide array of flooring products; and Johns-
Manville, a company that makes insulation products. (CEMEX USA “Export Services,” 2015).
Moreover, CEMEX has entered into a joint venture with Arcelor Mittal Steel to form Steel-Con,
a leading manufacturer of steel framing and trusses. (CEMEX USA “Export Services,” 2015).
As can be noted from the foregoing, CEMEX holds not only a dominating position in the global
markets of cement, concrete and aggregates, but also for building materials in general through its
many partnerships and alliances throughout the world.
Financial Performance
Global Performance
CEMEX’s annual sales for 2013 were over US$15 billion, with revenues of
approximately US$14.9 billion. (CEMEX Annual Report, 2013)(Yahoo Finance, CEMEX
Income Statement, 2013). Below are the key figures for CEMEX as of December 31, 2013:2
CEMEX Key Figures 2013
Annual Sales US$15.23 billion
Operating EBITDA3
US$2.64 billion

2
At the time of drafting this study, CEMEX financials had not yet been reported for 2014.
3
EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization. (InvestorWords, 2015).

Employees Worldwide 43,900
Production Capacity Cement – 94M tons
Annual Production Levels Aggregates – 162M tons
Concrete – 55M m3
(CEMEX “Company Profile,” 2015). As one of the leading cement manufacturers in the world,
CEMEX is the leading supplier of ready-mix concrete, and one of the world’s largest suppliers of
aggregates and traders of cement and clinker.4
(CEMEX “Company Profile,” 2015). The
following illustrate CEMEX’s 2013 sales distribution by product and by geographic distribution:

4
Clinker, or Portland cement clinker: “a dark grey nodular material made by heating ground limestone and clay at a
temperature of approximately 1400 to 1500 degrees Celsius. The nodules are ground up to a fine powder and added
to a small amount of gypsum to create cement. (Understanding Cement, “Portland cement clinker,” 2015).

(CEMEX “Company Profile,” 2015).
Mexico – Home Country Performance
CEMEX’s home country of Mexico is its most profitable geographic region, accounting
for approximately 20% of sales and 40% of its EBITDA. (Inton, 2014). In a country where
retail is approximately 65% of demand and the remaining 35% in construction, CEMEX exploits
the retail market through its Construrama distribution network of more than 1,800 stores. (Inton,
2014).
Construrama is a license-based, CEMEX-owned “building materials retail network,”
whereby locally-owned businesses enter into a licensing agreement with CEMEX and then get to
utilize the Construrama image, brand name and local network expertise. (CEMEX, 2010). To
CEMEX’s credit, licensing in this way allows for many advantages, such as the elimination of
capital investment or presence of a CEMEX representative on-site and the increased revenue
gained from an extension of the CEMEX brands into several retail stores. (Cavusgil, Knight, &
Riesenberger, 2013, p. 418). Because potential competitors do not have a similar licensing
system in place in Mexico’s retail market, CEMEX has had significant pricing power on these
products. (Inton, 2014).
CEMEX has managed to maintain a competitive advantage even before its
internationalization by focusing on its core business of cement, aggregates, and ready-mix
concrete. (CEMEX “Our Approach,” 2015). From its inception in the early 1900s, CEMEX
enjoyed operations under a highly protected legal environment in its home country of Mexico.
(Sharma, Mohan & Singh, 2003). The company competed mainly on the basis of price, and
controlled 65% of the market share in the country. (Sharma, et. al, 2003). Moreover, CEMEX
had “mastered the art of acquisition and integration” throughout its home country of Mexico –

growing to include 11 cement factories since the company’s initiation, and solidifying its
position in its home market. (Lessard & Reavis, 2009). Stepping-out into the global business
world seemed to be the natural progression given the above successes, however there were some
threats at home that also pressed CEMEX to globalization.
In 1989, Swiss-based Holderbank (Holcim), which held 49% of Mexico’s third largest
cement producer Apasco, announced plans to increase cement capacity by 2 million tons.
(Lessard & Reavis, 2009). This increase, added to easing foreign investment regulations that
would give Holderbank the opportunity to acquire a majority of Apasco’s interest, threatened
CEMEX’s position in the Mexican market. (Lessard & Reavis, 2009). Trade sanctions in the
United States in the form of a 58% countervailing duty on exports from Mexico also pushed
CEMEX to look toward internationalization. (Lessard & Reavis, 2009).
Internationalization
Prior to internationalizing, CEMEX had developed a set of core competencies including
strong operational capabilities based on engineering and IT, as well as a culture of transparency.
(Lessard & Reavis, 2009). In the wake of the 1982 crash, policies such as NAFTA and Mexico’s
entrance into the GATT led to the opening-up of Mexico’s economy to the possibility of global
competition. That being said, CEMEX sought first to strengthen the core competencies
enumerated above and divest itself of none-related businesses and non-core assets. (Lessard &
Reavis, 2009).
As an initial point of entry, CEMEX tested the waters of various foreign markets through
exports, which required “a fairly aggressive program of building or buying terminal facilities in
other markets.” (Lessard & Reavis, 2009). With this opened communication, CEMEX invested
in its own satellite communication system, CEMEXNET, in an effort to improve communication

among its existing facilities in Mexico, and to assure that once operating globally the company
would not be hindered by the country’s erratic and insufficient telephone service. (Lessard &
Reavis, 2009).
CEMEX’s first attempt at internationalization took place in 1992 with the acquisition of
Valenciana and Sanson, Spain’s two largest cement companies. (CEMEX “History,” 2015).
This gave CEMEX a majority market share of 28% in one of Europe’s largest cement markets.
(Lessard & Reavis, 2009). Driving CEMEX’s desire to enter the Spanish market was Hoclim’s
growing market share in the company’s home country of Mexico. (Lessard & Reavis, 2009). As
mentioned previously, Holcim held 49% of Mexico’s Apasco, which held a 19% market share
countrywide.
Of added importance to CEMEX in its acquisition of Valenciana and Sanson was that, at
the time, Spain was an investment-grade country, having just entered the European Monetary
Union. (Lessard & Reavis, 2009). Compared to domestic interest rates in Mexico of 40% and
offshore dollar finance rates of at least 6%, Spain granted a lower cost of capital overall.
(Lessard & Reavis, 2009). This not only allowed the finance of CEMEX’s acquisition of
Valenciana and Sanson, but also freed funds for CEMEX to invest in growth elsewhere at
affordable interest rates. (Lessard & Reavis, 2009). In addition, Spain offered several
opportunities for growth at a reasonable cost, with little risk of language or cultural barriers to
hinder communication. (Lessard & Reavis, 2009).
Core Businesses in Geographic Markets
The following is a table of CEMEX’s core businesses, relative to each of its geographic
markets, and the reasoning involved in choosing which business to pursue in that region:

Country Core Business(es) Reasoning
Argentina Ready-Mix Location of plants (North, South and Center of
Buenos Aires) position for quick supply to BA
construction projects
Austria Aggregates, Ready-Mix Value chain produces for domestic market and
supplies Czech Republic and Hungary
Bangladesh Grinding Mill Clinker for mill supplied regionally
Colombia Cement, Ready-Mix Cement is the most popular building material
in Colombia due to low cost
Costa Rica Cement, Ready-Mix Raw material costs and energy consumption
reduction
Croatia Cement, Ready-Mix, Aggregate Cement is most commonly used here and an
increase in infrastructure construction
Czech Republic Ready-Mix, Aggregate, Cement
distribution
Cement distribution efficiency system for
vehicles to save/reduce fuel
Dominican
Republic
Cement production Network serves all primary consumption areas
for the country
Egypt Cement Retail nature of Egyptian market encourages
sales of bagged cement
El Salvador Cement, Mortar Tiles Customized portfolio for El Salvador with
branding support
Finland Importer of Cement Acquisition of Embra OY – Finland’s largest
importer of bulk cement
France Ready-Mix, Aggregates Transporting via waterways vs. road/rail
Germany Cement, Ready-Mix,
Aggregates, Concrete Products
Largest construction market in Europe
Hungary Produces and Distributes:
Ready-Mix, Aggregates,
Concrete Products
Geographic position in expanding Eastern
European market; Concrete is most popular
building materials in Hungary
Ireland Produce and Supply Aggregates,
Stone, Ready-Mix Concrete,
Mortar, Concrete Products, Pre-
Cast and Pre-Stressed Products
60 locations across Ireland focused on all
sectors of construction
Israel Producer and Supplier of Raw
Materials for Construction
Raw material base for ready-mix concrete and
aggregates
Jamaica Quicklime and Hydrated Lime
Technical and Quality Support
Raw material base for both products; Low
labor cost for tech/customer support
Latvia Producer of Cement and
Supplier of Ready-Mix
Sole producer of cement in Latvia
Malaysia Producer of Ready-Mix Sole supplier to several large infrastructure
construction projects
Mexico Manufacturer of Cement and
Ready-Mix
Heavy retail market for sales of cement
through distributors; Plants on both Atlantic
and Pacific coasts for low-cost marine

transportation
Nicaragua Leases/Operates Cement and
Milling Plants
Telemarketing system for service quality
Norway Import of Cement Products Terminals based in Oslo, Stavanger, Etne and
Bergen; Cement sold in bulk due to Norway’s
steady cement consumption
Panama Producer of Cement Gateway between Central and South America
Peru Cement – White and Grey Distribution network with over 1,200 points of
sale in the Lima metropolitan area
Philippines Cement Strong retail market – 85% cement volume
sold in bags through retailers and distributors
Poland Provider of Cement, Ready-Mix,
Aggregates, Chemical
Admixtures
Due to the variety in products and services,
CEMEX’s technical advisory services are key
in Poland
Puerto Rico Producer of Cement Operations network serves the country’s
cement market; Communication bridge
Russia Manufacturer of Cement,
Ready-Mix, Aggregates,
Cement Mortars
CEMEX Cement Baltic; Use of low cost
marine terminals; Incredibly large market in
Russia for cement products in construction
and new infrastructure projects
Spain Producer of Cement, Ready-
Mix, Import/Export Terminals
Land and marine terminals; Geographic
diversification, extensive distribution
channels, and ease in shifting production to
match demand
Sweden Import Terminals Terminals for import of Cement in 3 regions –
Surte, Landskrona and Vasteras
Switzerland R&D and Intellectual Property
Management – worldwide
CEMEX Research Group AG launched its
activities in 2001 to develop and manage
CEMEX’s R&D initiatives and to own and
deploy the resulting IP portfolio worldwide;
Switzerland chosen for being a leader in
innovation
Thailand Producer of Cement Demand of domestic market allows operations
at full capacity
The Caribbean Import/Export Terminals Geographic location; Trading network
facilitates exports from Mexico, Dominican
Republic, Costa Rica, Puerto Rico, Spain,
Colombia and Panama
The Netherlands Producer of Ready-Mix;
Supplier of Cement and
Aggregates
Nearby CEMEX German plants for supply of
cement and aggregates; Dutch environment
calls for advanced concrete to withstand
humidity and salty climate; Blast furnace slag
a major market share of CEMEX here
U.A. Emirates Producer of Ready-Mix;
Manufacturer and Distributor of
Major projects driven by government in the
two main urban markets of Dubai and Abu

Cement; Grinding Mill Dhabi; Concrete is the material of choice in
this region
U.K. Vertically Integrated Cement,
Ready-Mix, Aggregates and
Asphalt Operations; Supplier of
Concrete Blocks, Paving, Roof
Tiles, Flooring Systems and
Sleepers for Rail Infrastructure;
Import Terminals – Cement
Leading provider of building materials in the
U.K. with 196 Ready-Mix plants and 53
Aggregates Quarries; Also has 4 import
terminals for cement to be distributed from
nearby cement plants, although 2 cement
plants are in operation in the country.
U.S.A. Vertically Integrated Portfolio
both Products and Services;
Supplier of Cement and Ready-
Mix; Producer of Aggregates,
Concrete Blocks and Other
Building Material; Customer
service; Smart Silo; Export
Services
The U.S. offers countless opportunities for
CEMEX – the Export Division in Miami, FL
is positioned to take advantage of a Foreign
Trade Zone; the variety of Ready-Mix and
concrete plants are situated in areas with raw
materials within a very close proximity
(CEMEX “Worldwide Locations,” 2015).
Entry Strategies
As previously mentioned, CEMEX first entered the global business realm in its
acquisition of Spain’s two largest cement companies. (CEMEX “History,” 2015). This being
said, CEMEX has continued the expansion of its global reach through a series of well-planned
acquisitions throughout the geographic markets mentioned above. Below is a timeline of
acquisitions:
Year Company Acquired and Geographic Location
1992 Valenciana and Sanson – Spain
1994 Vencemos – Venezuela, South America
1994 Cemento Bayano – Panama, Central America
1994 Balcones - USA
1995 Cementos Nacionales - Dominican Republic
1996 Cementos Diamante and Samper – Colombia, South America
1997 Rizal Cement – Philippines, Asia
1999 APO Cement – Philippines, Asia
1999 Assiut Cement Company – Egypt, Africa
1999 Cemetos del Pacifico – Costa Rica, Central America
2001 CEMEX – Nicaragua
2001 Saraburi Cement Company – Thailand, Asia
2002 Puerto Rican Cement Co – Puerto Rico

2005 RMC – 20 mainly European Markets
2007 Rinker – Australia – negotiations in process
(CEMEX “History,” 2015).
The largest and most prolific market entry to date was CEMEX’s acquisition of RMC
Corporation (RMC) in 2005. At the time, RMC was the world’s largest ready-mix concrete
company and single largest purchaser of cement. (Lessard & Reavis, 2009). This acquisition
moved CEMEX to the top of the list of the world’s largest suppliers of business materials, and
paved the way for the possible acquisition of Australia’s Rinker Group – what would be a
US$15.3 billion takeover. (Lessard & Reavis, 2009).
It is argued that CEMEX’s success in entering the foreign market could be attributed to
how the company viewed acquisitions and the post-merger integration (PMI) process – as an
opportunity to drive change and continuously evolve as a business. (Lessard & Reavis, 2009).
Since its initial foray into global business, CEMEX has focused its efforts in the successful
integration of its acquisitions through the introduction of best practices that had been
standardized throughout the company, while at the same time taking into consideration the best
practices of the acquired company. (Lessard & Reavis, 2009). This streamlined integration is
known as the “CEMEX way,” a standardization method whereby business processes, technology
and organizational structures are standardized across all countries while simultaneously allowing
operations in each country to maintain operational flexibility in order to foster quick reactivity to
local environments. (Lessard & Reavis, 2009).
Known as internal benchmarking, the CEMEX Way was the core set of best business
practices shared throughout all of the company’s geographical locations, and was driven by five
guidelines:

• Efficiently manage the global knowledge base;
• Identify and disseminate best practices;
• Standardize business processes;
• Implement key information and Internet-based techniques; and
• Foster innovation.
(Lessard & Reavis, 2009). When considered during the integration phase of the PMI, the
guidelines involved groupings of multinational standardization teams, each overseen by a
CEMEX VP, which contained experts in specific functional areas (i.e. IT, HR, etc.), a group
leader and IT/HR support. (Lessard & Reavis, 2009). The teams cataloged and stored the 80%
of an acquired company’s best practices – those that were not typically retained through the
integration – in a centralized company database. (Lessard & Reavis, 2009). At that time, the
processes were benchmarked against internal and external practices, and those that were deemed
“superior” became enterprise standards, i.e. part of the CEMEX Way. (Lessard & Reavis, 2009).
This methodology reassured the acquired company that CEMEX was not simply
dismissing their attributes and accomplishments, but rather overriding certain processes for the
time being in an effort to quickly get them integrated with the business. (Lessard & Reavis,
2009). By considering the acquired company’s past practices and processes as being valid
insomuch that they were subject to rigorous benchmarking, CEMEX sent the message that the
company being integrated had intrinsic value as a separate entity, even though it was being
dissolved.
Frustrations and Issues in Relevant Foreign Markets and Investment Experience
Country Risk – Venezuela 2008

One of the greatest frustrations faced by CEMEX in its extension to foreign markets is
geopolitical or country risk. The most notorious of these failings took place in 2008 with the
confiscation of CEMEX’s cement assets by then Venezuelan President, Hugo Chavez, based on
arguments that the company’s pollutants were harming local residents. (Inton, 2014). Being a
country run under the aegis of socialism, Chavez took the stance that the Venezuelan
government should control CEMEX’s basic means of production, distribution and commercial
activity within its borders.5
(Cavusgil, et. al, 2013, p. 170). Towards that, the Venezuelan
government nationalized two cement companies, Holcim and Lafarge, and sought to do the same
with CEMEX in an effort to lower cement prices within the confine of the country’s borders.
(Ackerman, 2008). When CEMEX refused to enter into a deal on compensation for anything
less than US$1.3 billion, Chavez confiscated its Venezuelan operations. (Ackerman, 2008).
CEMEX disputed Venezuela’s seizure in a case in front of the World Bank’s
International Center for Settlement of Investment Disputes, and in late 2010 the court recognized
CEMEX’s right to sue for the loss of its assets. (Cawthorne, 2011). The Venezuelan
government agreed to pay US$600 million to CEMEX as a result of the nationalization of its
cement sector – less than half the US$1.3 billion CEMEX had originally sought. (Cawthorne,
2011).
Currency Risk
Another issue with which CEMEX must content is that of currency risk – the potential
harm that arises from changes in the price of one currency relative to another. (Cavusgil, et. al,
2013, p. 275). Because exchange rates fluctuate constantly, a company must monitor them

5
Socialism is based on the collective ideology in which the collective welfare of a society is seen
to outweigh that of an individual or company, and that capital and wealth should be vested in the
state and used primarily as a means of production rather than for profit. (Cavusgil, et. al 2013, p.
170).

closely and devise strategies to optimize financial performance in light of both strong and weak
currencies. (Cavusgil, et. al, 2013, p. 277). With regard to CEMEX, the company earns revenue
in the form of local currencies relative to that geographic location (i.e. pesos, Croatian kuna,
Egyptian pound, Bangladeshi taka, etc.), yet over 85% of the company’s debt is in the
denomination of US dollars and 10% is in euros. (Inton, 2014). That being said, any
depreciation in local currencies relative to the US dollar or the euro could have a material impact
on CEMEX’s ability to pay its debt. (Inton, 2014). Given that CEMEX’s operations in Mexico
serve as the main source of the company’s operating income, the depreciation of the Mexican
peso against the US dollar is the most significant currency risk at this time.6

6 As of March 6, 2015 at 10:45 a.m., 1 US dollar = 15.4333 Mexican pesos. (Bloomberg, 2015).

References
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cx_ra_0819markets41.html
Bloomberg Business (2015 Mar 6). US Dollar – Mexican Peso Exchange Rate,
Retrieved from: http://www.bloomberg.com/quote/usdmxn:cur
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Realities. (3rd ed.). Prentice Hall.
Cawthorne, A. (2011 Dec 1). UPDATE 4 – Venezuela to pay $600 Mln Compensation to
Cemex, Reuters.com. Retrieved from:
http://www.reuters.com/article/2011/12/01/venezuela-mexico-cemex-
idUSN1E7B00FX20111201
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CEMEX (2015). CEMEX, Company Profile. Retrieved from:
http://www.cemex.com/AboutUs/CompanyProfile.aspx
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Inton, K. (2014 Oct 31). Although CEMEX’s Markets Continue to Improve, Volumes and
Margins Remain Well Below Mid-Cycle. Retrieved from:
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e=en-US&productcode=MLE
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http://www.investorwords.com/1632/EBITDA.html

Lessard, D. & Reavis, C. (20009 Mar 5). CEMEX: Globalization “The CEMEX Way,”
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Sharma, A., Mohan, S. & Singh, S. (2003 Dec 12). CEMEX: Innovation in Housing for
the Poor, Ann Arbor, MI: Michigan Business School.
Understanding Cement (2015). Portland Cement Clinker – Overview, Retrieved from:
http://www.understanding-cement.com/clinker.html
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http://finance.yahoo.com/q/is?s=CX+Income+Statement&annual

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