Cemex S.A.B. de C.V. has announced that it has reached an agreement in principle for the sale of certain assets in the US to Grupo Cementos de Chihuahua, S.A.B. de C.V. for US$400 million.
The assets, which would be sold to a US affiliate of GCC, mainly consist of Cemex’s cement plants in Odessa, Texas and Lyons, Colorado, three cement terminals and the building materials business in El Paso, Texas and Las Cruces, New Mexico.
Closing of this transaction is subject to final binding agreements being signed as well as to the fulfilment of various conditions precedent, mainly confirmatory due diligence and approvals from competition authorities, among others. We currently expect to finalise this transaction before the end of 2016.
Following the announcement last week that Fernando Gonzalez was appointed as Cemex’s new CEO, the Mexican cement giant has announced changes to its corporate staff functions.
As part of a new co-processing agreement, Cemex uses the non-recyclable waste produced at GM Motors’ San Luis Potosi complex in Mexico as a form of alternative fuel in its cement plants.