CEMEX Reaches Binding Agreement to Divest White Cement Business
MONTERREY, Mexico--(BUSINESS WIRE)--Mar 20, 2019--CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE:CX) announced today that it has reached a binding agreement with Çimsa Çimento Sanayi Ve Ticaret A.S. to divest CEMEX’s white cement business, including its Buñol cement plant in Spain, for approximately US$180 million.
CEMEX currently expects it could sign the final agreement during April 2019 and close this divestment during the second half of 2019. The proposed divestment does not include CEMEX’s white cement business in Mexico as well as the investment in Lehigh Cement in the USA.
This transaction is part of the ongoing rebalancing of CEMEX’s portfolio that was announced as part of the “A Stronger CEMEX” plan in 2018. Once closed, it would allow CEMEX to concentrate on the assets best suited to grow in the context of the CEMEX’s current business plan.
The proceeds expected to be obtained from this divestment would be mainly used for debt reduction and general corporate purposes.
Once a final agreement is reached, closing of this transaction would be subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators.
CEMEX is a global building materials company that provides high quality products and reliable service to customers and communities in more than 50 countries. CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.
For more information on CEMEX, please visit: www.cemex.com
For more information on Çimsa Çimento Sanayi Ve Ticaret A.S., please visit: www.cimsa.com.tr/en
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of CEMEX or the transaction herein described to be materially different from those expressed or implied in this release, including not reaching a final agreement and not satisfying all closing conditions required to close this divestment. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. CEMEX assumes no obligation to update or correct the information contained in this press release. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190320005459/en/
CONTACT: Media Relations
KEYWORD: MEXICO CENTRAL AMERICA
INDUSTRY KEYWORD: MANUFACTURING CHEMICALS/PLASTICS NATURAL RESOURCES MINING/MINERALS CONSTRUCTION & PROPERTY OTHER CONSTRUCTION & PROPERTY
SOURCE: CEMEX, S.A.B. de C.V.
Copyright Business Wire 2019.
PUB: 03/20/2019 11:30 AM/DISC: 03/20/2019 11:30 AM