CEMEX to divest operations in Costa Rica and El Salvador
Published by Emily Thomas,
CEMEX has announced that the company has signed an agreement for the sale of its operations in Costa Rica and El Salvador with Cementos Progreso Holdings, S.L., through its subsidiaries, for a total consideration of approximately US$335 million. This transaction further advances the goal under CEMEX’s strategic plan, Operation Resilience, to optimise its global portfolio. The divested assets consist of one fully integrated cement plant, one grinding station, seven ready-mix plants, one aggregate quarry and one distribution centre in Costa Rica, and one distribution centre in El Salvador.
“This transaction allows us to progress in our portfolio rebalancing objectives, while redeploying resources to fund our growth investments and further deleveraging,” said Fernando A. Gonzalez, CEO of CEMEX.
Subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities, CEMEX currently expects to finalise this transaction during the first half of 2022.
Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt and other corporate purposes.
Read the article online at: https://www.worldcement.com/the-americas/04012022/cemex-to-divest-operations-in-costa-rica-and-el-salvador/
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