Cemex has to find some US$360m by September 2011

Cemex has to find some US$360m by September 2011
Published: 11 October 2010

Ready Mix USA is exercising its put option, requiring Cemex to acquire its share in the two joint ventures formed in the south-eastern parts of the USA in 2005. 

Following the sale of 12 active quarries and certain other assets to SPO Partners & Co., a San Francisco-based investment vehicle, for US$420m in the early part of this year, the value of the remaining share held by Ready Mix USA in the two joint ventures is estimated at about US$360m. 

These assets consists of two cement plants in Alabama and Georgia with a combined annual capacity of 1.7Mt, 12 cement terminals, ten sand and gravel pits, 149 batching plants and 20 block plants in the south-eastern USA.  At that stage, Cemex will also have to consolidate US$17m of debt held by the downstream joint venture, the cement joint venture already being fully consolidated.