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.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/the-americas/13092016/cemex-to-sell-fairborn-plant-242/