Cemex sells Canary operations to Cimpor

Cemex sells Canary operations to Cimpor
10 November 2008

In its latest attempt to reduce debt, Cemex has negotiated the sale of its activities on the Canary Islands to Cimpor for an amount in the region of €165m. 

The deal is dependent on the approval of the competition authorities and the extent to which Cemex’ joint venture partners do not exercise their pre-emption rights with respect of the INPROCOI mortar plant on Tenerife and Cementos Especiales de las Islas.  Cementos Especiales de las Islas owns a 1.5Mta grinding station on Gran Canaria, seven marine terminals on various islands, five batching plants, four pre-cast concrete plants, three mortar plants and a pozzolana quarry.

The wholly owned businesses are all on Tenerife and consist of a 0.8Mta grinding plant, one marine terminal, seven batching plants and a pozzolana quarry.  Cimpor intends to use its existing kilns in Portugal and Spain to supply clinker to the grinding plants on the Canary Islands.
Published under Cement News