CEMEX complete exit from Costa Rica and El Salvador
Friday, September 2, 2022 - 10:06
All operations sold to Cementos Progreso Holdings SL for approximately US$329 million
CEMEX have successfully closed the previously announced divestment of their operations in Costa Rica and El Salvador to Cementos Progreso Holdings SL, through their subsidiaries, for approximately US$329 million.
According to CEMEX, the transaction, which was closed in line with the terms that were disclosed on 29 December 2021, is an important step in meeting the goal of optimizing the company’s global asset base through asset divestments under CEMEX’s strategic plan, Operation Resilience.
In line with this plan, the company is continuing to actively evaluate other divestment opportunities in the regions in which it operates.
Proceeds from this divestment are expected to be used to fund CEMEX’s bolt-on investment growth strategy, reduce debt, and other general corporate purposes. These transactions represent CEMEX’s permanent exit from both countries.