Mexican cement company Cemex reported it has wrapped up the sale of its operations in the US states of Arizona and Florida to Ireland-based building materials group CRH, bringing in some US$250mn.
US regulators obliged Cemex to divest the assets following its US$14bn acquisition of Australian cement company Rinker in July. The Mexican giant plans to use the proceeds of the sale to reduce debt, it said in a statement.
The Florida operations are 26 ready-mix concrete plants and six block plants, while the Arizona assets are two quarries and five ready-mix plants. Cemex added that talks with CRH over the potential sale of additional assets have ended due to a disagreement on the value of the assets.