Cemex announced it has completed the sale of its operations in Panama to Grupo Estrella for an enterprise value of approximately US$200m, equivalent to around 12 times adjusted EBITDA for the 12 months ending 31 August 2025.
As part of the same strategic portfolio adjustment, Cemex also confirmed it has increased its ownership to a majority stake in Couch Aggregates, a leading aggregates supplier in the southeastern United States. The company said a portion of the proceeds from the Panama divestiture has been allocated to the transaction, which it expects will offset near-term EBITDA loss from the sale.
“These transactions are important building blocks in our strategy to rebalance our portfolio and continue investing in growth in priority markets, particularly aggregates in the U.S.,” said Jaime Muguiro, CEO of Cemex.
The Panama divestment covers one cement plant in Calzada Larga, Chilibre, with an installed capacity of approximately 1.2Mta, as well as associated RMC, aggregates, and reserve rights. Cemex will retain its admixtures business in Panama.
Grupo Estrella, a Dominican Republic-based industrial conglomerate, operates across the construction and industrial sectors, including cement, concrete, aggregates, and steel production, with additional investments in energy, healthcare, airports, and media in the Caribbean and Central America.
Couch Aggregates serves multiple US markets through seven sand and gravel pits and five marine terminals. Cemex said the investment strengthens its position in aggregates, a key component of its long-term growth strategy.
The company stated that these transactions align with its broader commitment to deliver strong shareholder returns, maintain operational efficiency, and follow a disciplined capital allocation strategy. Cemex continues to pursue carbon-neutral growth through innovation, circularity, and expanded use of alternative materials and fuels in its global operations.
