Cemex has announced that one of its US subsidiaries has signed a definitive agreement for sale of its Fairborn, Ohio cement plant and cement terminal in Columbus, Ohio, to Eagle Materials Inc. for approximately US$400 million. 2016 EBITDA for the divested assets is estimated to be US$33 million.
The proceeds of the transaction will be used predominantly for debt reduction and general corporate purposes.
The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. Cemex currently expects to finalise this divestiture during 4Q16 or soon thereafter.
Bank of America Merrill Lynch is acting as financial advisor to Cemex.
Concrete is well known as a material for foundations, but what makes it unique is an incredible versatility that allows Cemex to fulfil almost any kind of application.