Cemex completes joint venture asset sale in US
Cemex has completed the sale of 12 active quarries in the US for US$ 420 million to SPO Partners & Co. The quarries are operated by Ready Mix USA LLC, Cemex’s joint venture partner which it owns a 49.9% stake in; the decision was made to sell the assets because they were viewed as un-strategic.
“The proceeds from the sale will be partly used to reduce debt held by Ready Mix USA LLC, and to effect a cash distribution of approximately U.S.$100 million to each joint venture partner, including Cemex,” the firm said in a press release.
The sale comes as part of continuing efforts by Cemex to regain their financial flexibility; last October they sold their Australian operations to Holcim for US$ 1.7 billion, and previously they refinanced their outstanding debt for US$ 15 billion.
Read the article online at: https://www.worldcement.com/the-americas/23022010/cemex_completes_joint_venture_asset_sale_in_us/
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