CEMEX, the largest Venezuelan producer with around a 50% market share; a deal on compensation was still to be reached in March 2009, despite agreements being reached in mid-2008 with the other two major cement producers. In December 2011, an agreement was reached, with Cemex receiving $600m in compensation, and benefiting from the cancellation of $154m in debt. After having problems with the Mexican peso devaluation of 2008, including problems with derivatives, CEMEX had to rethink its international standings to decrease debt and avoid a default. In June 2009, CEMEX sold its Australian operations to Holcim for A$ 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. 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. In 2016, Cemex sold its Rinker Materials pipe business to Quikrete. 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. 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. In July 2022, Cemex acquired majority stake in ProStein, a German aggregates producer. CEMEX worldwide CEMEX World Corporate Headquarters is in Monterrey, Mexico and its U.S. operations headquarters is in Memorial City, Houston, Texas. The company operates in over 30 countries/territories around the world including: Subsidiaries Cemento Ponce General (See Ponce Cement, Inc.) – Ponce, Puerto Rico Puerto Rican Cement Company – Guaynabo, Puerto Rico Compania Valencia de Cementos Portland S.A. – Madrid, Spain CEMEX Asia Holdings Ltd. – Philippines CxNetworks – Miami, Florida, United States CEMEX USA – Houston, Texas, United States Western Rail Road – New Braunfels, Texas, United States Mojave Northern Railroad CEMEX UK Limited – Rugby, Warwickshire, United Kingdom New Sunward Holding – Amsterdam, Netherlands CEMEX Mexico – Monterrey, Nuevo Leon, Mexico Ready Mix USA – Birmingham, Alabama Caribbean Cement Company Limited – Kingston, Jamaica Trinidad Cement Limited – Trinidad Island Cement Company – Nassau, The Bahamas Bahamas Concrete Holdings – Freeport, The Bahamas Social responsibility