Company selling cement, concrete and aggregate operations in Costa Rica and El Salvador
CEMEX have signed an agreement for the sale of their operations in Costa Rica and El Salvador to Cementos Progreso Holdings SL, through their subsidiaries, for a total consideration of approximately US$335 million.
CEMEX say the transaction will further advance their goal under Operation Resilience, the company’s strategic plan to optimize its global portfolio.
The divested assets consist of one fully integrated cement plant, one grinding station, seven ready-mixed concrete plants, one aggregate quarry, and one distribution centre in Costa Rica, as well as one distribution centre in El Salvador.
‘This transaction allows us to progress in our portfolio rebalancing objectives, while redeploying resources to fund our growth investments and further deleveraging,’ said Fernando A. Gonzalez, chief executive officer of CEMEX.
Subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities, CEMEX expect to finalize the transaction during the first half of 2022.
Proceeds from the divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, to reduce debt, and for other corporate purposes.