Cemex sells Kentucky assets to reduce debt

Cemex sells Kentucky assets to reduce debt
Published: 09 July 2010

Cemex announced today that it has reached an agreement to sell seven aggregates quarries, three resale aggregate distribution centers, and one concrete block manufacturing facility in Kentucky to Bluegrass Materials Company, LLC for US$90m.

These assets were acquired by Cemex in 2007 as part of the Rinker Group acquisition. The facilities and properties were deemed non-core assets for Cemex’s integrated cement, concrete, aggregates and building materials operations throughout the United States.

Proceeds from the sale, which is expected to close during the third quarter of 2010, will be used by Cemex to reduce its outstanding debt and to enhance its liquidity position.