Lafarge to cut costs and debt

City A.M. Reporter
LAFARGE, the world’s biggest cement maker, yesterday unveiled plans to cut costs by €1.3bn (£1.04bn) over the next four years and bring its net debt pile below €10bn as early as possible next year.

The group, whose debt totalled €12.4bn at the end of March, is targeting savings of at least €400m this year and at least €350m in 2013, and it plans to shun major acquisitions until 2015.

“While we anticipate a demanding economic environment, we are confident that the actions we are taking will help drive sales, cash flows and returns,” said boss Bruno Lafont.