HeidelbergCement’s debt reduction focus

HeidelbergCement plans to cut its debt by about 16 per cent to EUR6.5bn to boost its credit rating and share price according to reports in the Frankfurter Allgeemeine Sonntagzietung said, citing an interview with CEO Bernd Scheifele said.

Debt reduction is the top priority and the time isn’t right for bold acquisitions, Mr Scheifele said.

HeidelbergCement has cut debt by EUR7bn to EUR7.7bn in the four years ending 2011, Scheifele added. The company aims to reach EUR6.5bn of debt, but Mr Scheifele did not disclose a timeframe for the target.