CEMEX: CEMEX reaches binding agreement to divest white cement business

Cemex issued the following announcement on March 20.

CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that it has reached a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.S., to divest CEMEX’s white cement business, including its Buñol cement plant in Spain, for approximately US$180 million.

CEMEX currently expects it could sign the final agreement during April 2019 and close this divestment during the second half of 2019. The proposed divestment does not include CEMEX’s white cement business in Mexico as well as the investment in Lehigh Cement in the USA.

This transaction is part of the ongoing rebalancing of CEMEX´s portfolio that was announced as part of the “A Stronger CEMEX” plan in 2018. Once closed, it would allow CEMEX to concentrate on the assets best suited to grow in the context of the CEMEX´s current business plan.

The proceeds expected to be obtained from this divestment would be mainly used for debt reduction and general corporate purposes.

Once a final agreement is reached, closing of this transaction would be subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators.

CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.

For more information on CEMEX, please visit: www.cemex.com

For more information on Çimsa Çimento Sanayi Ve Ticaret A.S., please visit: www.cimsa.com.tr/en

Original source can be found here.

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