Cemex has announced that one of its subsidiaries in the US has closed the divestment of its Pacific Northwest Materials Business consisting of aggregate, asphalt and ready-mix concrete operations in Oregon and Washington to Cadman Materials Inc., part of Lehigh Hanson Inc., and the US subsidiary of HeidelbergCement Group, for approximately US$150 million.
The proceeds from the transaction will be used for debt reduction and for general corporate purposes.
Bank of America Merrill Lynch and Citigroup Global Markets Limited acted as financial advisors to Cemex in this transaction.