Cemex completes US$250mn divestment of US assets

Cemex completes US$250mn divestment of US assets
03 December 2007


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. Published under Cement News