Mexican cement maker Cementos Mexicanos (Cemex) said on November 15, 2004 it had signed a letter of intent with Brazilian cement maker Votorantim Cimentos for the sale of two cement plants in the USA for US$400m.
Cemex expects that the acquisition of its two plants by Votorantim Cimentos will take place in the first quarter of 2005. The combined output of the two plants rounds some 2Mt. The plants are located in the region of Great Lakes in the USA.
The operation is the first disinvestment of Cemex after it purchased in September 2004 the British mixed cement and concrete maker RMC for US$5.8bn (4.47bn euro).
The purchase of the two cement plants in the USA will be the consecutive onefor Votorantim Cimentos, the cement maker unit of Grupo Votorantim. According to analysts, Votorantim Cimentos will be the engine for growth and expansion of Grupo Votorantim.