MEXICO CITY (Reuters) – Mexican cement maker Cemex said on Wednesday that it had asked employees to voluntarily defer 10% of their monthly salaries and members of the executive team to give up 15% of their monthly pay, citing the impact of the coronavirus.
The requests will go into effect May 1 for a period of 90 days, the company said in a statement.
Over the next 90 days, Cemex said it would reduce or suspend investments unrelated to the pandemic in addition to trimming inventory in all markets, in line with weaker demand.
(Reporting by Miguel Angel Gutierrez and Abraham Gonzalez; writing by Julia Love; Editing by Himani Sarkar)
