In a further effort to reduce its high gearing, which stood at 180.1 per cent at the end of March, Cemex has agreed to sell assets worth US$400m to a US subsidiary of the Mexican Grupo Cementos de Chihuahua.
Cemex is currently working towards reaching an investment grade rating. To this end it has been selling off assets and reducing debt. Since 2009, the company’s stock of debt and perpetual securities has fallen by US$6.9bn. In the past two years, Cemex has sold assets in Germany, Spain, Austria, Hungary Bangladesh and Thailand and will also look to dispose of its Croatian operations in 2016.