US aggregate sourcing capabilities strengthened with Newfoundland quarry and port acquisition
CEMEX USA have signed a definitive agreement for the purchase of the assets of Atlantic Minerals Ltd in Newfoundland, Canada, consisting of a construction and chemical aggregates quarry and port operations, as part of the company’s growth strategy.
With this investment, CEMEX will secure a new long-term aggregates reserve for their extensive Florida operations and the US east coast, as well as a source of chemical-grade stone serving a broader geographic footprint. The acquisition is expected to increase CEMEX’s aggregates reserves for the US market by approximately 20%.
‘This acquisition significantly grows our aggregates business with high-quality materials and bolsters our supply chain to better serve the aggregate-constrained Florida market and grow our US customer base,’ said CEMEX USA president Jaime Muguiro. ‘We will be able to further capitalize on growing infrastructure and private sector demand in Florida and elsewhere.’
The closing of the transaction is subject to the satisfaction of certain conditions, including consent from government agencies. CEMEX expect to finalize the acquisition at the end of the first quarter of 2023 or soon after.
The acquisition aligns with CEMEX’s strategic growth plan, through which the company is optimizing its portfolio for EBITDA growth with bolt-on investments in its core businesses.