CEMEX announces divestment of assets in Baltics and Nordics
Published by Lucy Stewardson,
CEMEX has announced that it has signed an agreement for the sale of assets in the Baltics and Nordics to the German building materials group SCHWENK. This was for approximately €340 million.
The assets being divested in the Baltics consist of one cement production plant in Broceni, which has a production capacity of approximately 1.7 million t. Four aggregates quarries, two cement quarries, six ready-mixed concrete plants, one marine terminal, and one land distribution terminal in Latvia are also included. In addition, the divested assets include CEMEX’s approximate 38% indirect interest in a cement production plant in Akmene in Lithuania, which has a production capacity of approximately 1.8 million t. The exports business to Estonia is also part of the divestment.
The Nordic assets being divested include three import terminals in Finland, four import terminals in Norway, and four import terminals in Sweden.
The consolidated operating EBITDA generated by the divested assets was approximately €27.3 million in 2018. It is expected that the proceeds that will be obtained from the divestment will mainly be used for debt reduction and for general corporate purposes.
The closing of the transaction is subject to the satisfaction of standard conditions for this type of transaction. This includes authorisation by regulators. The company currently expects to finalise the divestment in 1Q19.
Read the article online at: https://www.worldcement.com/europe-cis/20022019/cemex-announces-divestment-of-assets-in-baltics-and-nordics/
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