CEMEX divest operations in Europe
Company selling operations in Austria, Hungary, Croatia, Bosnia & Herzegovina, Montenegro and Serbia
CEMEX announced today that an agreement has been signed for the sale of their operations in Austria and Hungary to the Rohrdorfer Group for approximately €160.1 million.
The company’s Austrian operations consist of 24 aggregate quarries (approximately 6.47 million tonnes sold in 2014) and 34 ready-mixed concrete plants (approximately 1.60 million cubic metres sold in 2014). These operations had net sales of approximately US$241 million in 2014.
The Hungarian operations being divested consist of five aggregate quarries (approximately 1.36 million tonnes sold in 2014) and 34 ready-mixed concrete plants (approximately 0.46 million cubic metres sold in 2014). These operations had net sales of approximately US$47 million in 2014.
CEMEX also announced the signing of a separate agreement for the sale of their operations in Croatia, including their assets in Bosnia & Herzegovina, Montenegro and Serbia, to Duna-Dráva Cement for approximately €230.9 million.
The assets being sold here mainly consist of three cement plants (approximately 1.66 million tonnes sold in 2014), two aggregate quarries (approximately 0.16 million tonnes sold in 2014) and seven ready-mixed concrete plants (approximately 0.25 million cubic metres sold in 2014). These operations had net sales of approximately US$138 million in 2014.
CEMEX say the proceeds from these transactions will be used mainly for debt reduction and for general corporate purposes. Both transactions are subject to standard conditions, including authorization by regulators, and both are expected to complete during the fourth quarter of 2015.
