FCC is to delay the planned sale of its US-based Giant Cement Holding division while the Spanish construction major focuses on debt refinancing of Cements Portland Valderivvas, Dow Jones reports. FCC owns nearly 70 per cent of Cements Portland, which in turn owns Giant Cement.
FCC had previously said it planned to sell Giant by the end of the first quarter but has now changed the timeline, FCC chairman and CEO Baldomero Falcones Jacquotot told Dow Jones in an interview, stating that FCC is keeping Giant “in hand” at the moment.
Falcones said their had been one bidder for the US cement unit, adding that the sale process has been delayed while Cements Portland negotiates refinancing.
He added that said Portland is in "a good situation" as it discusses a new debt repayment timeline with its banks while looking to "increase its cash situation."