Cemex has reached an agreement to sell seven aggregates quarries, three resale aggregate distribution centers, and one concrete block manufacturing facility in Kentucky to Bluegrass Materials Company, LLC for US$ 90 million.
These assets were acquired by Cemex in 2007 as part of the Rinker Group acquisition. The facilities and properties were deemed non-core assets for Cemex’s integrated cement, concrete, aggregates and building materials operations throughout the US.
Proceeds from the sale, which is expected to close during the third quarter of 2010, will be used by Cemex to reduce its outstanding debt and to enhance its liquidity position.
Bluegrass Materials Company, LLC is a wholly owned subsidiary of Panadero Aggregates Holdings, LLC ("Panadero"). Panadero was formed in 2010 by John D. Baker II and Edward L. Baker II, formerly of Florida Rock Industries, to invest in aggregates and other construction materials businesses.
In other Cemex news, the company has announced its participation in the construction of an important hydroelectric plant in southeastern Panama, located on the country’s Chiriquí Viejo River. When finished, the hydroelectric plant will operate two 35 MW capacity units and support the increasing energy demand at a national level.
Beginning in May 2010, and through an 11-month period, Cemex will provide more than 140 thousand m3 of ready-mix concrete for the project.
Located in Panama’s third largest province of Chiriquí, this project represents a challenge due to the complicated terrain, access and communication, making the logistics for material delivery difficult. With the approach to always focus on customers’ needs, Cemex will assemble a dedicated ready-mix concrete plant in the area to provide the project with roller-compacted concrete (RCC) during the 11-month period.
The RCC, made from the same mixture of cement, aggregates, and water as conventional concrete, gets its name from its application method. It is placed with asphalt paving equipment and then compacted with rollers. It has a strength and performance of conventional concrete, but is drier and firmer so it is easily compacted by moving rollers.
Read the article online at: https://www.worldcement.com/the-americas/09072010/news_from_cemex_in_the_us_and_panama/