Cemex has said it is expanding its recent US venture with Ready Mix USA, a move that will bring it almost US$92m for handing operations to the venture.
Cemex said it will add 27 concrete making plants and four block production units to the joint venture. In exchange it will receive the cash injection from the venture which it will use to pay down debt.
Cemex said in June it was linking up with Ready Mix USA to boost its business in the U.S. Southeast. The venture was another move for Cemex into the ready mix concrete world after the Mexican firm recently purchased Britain’s RMC Group for $5.8bn, including debt.