CRH acquire US assets from CEMEX
CEMEX have completed of the sale of their operations in Arizona and Florida, as required by the US Department of Justice in association with the Rinker Group acquisition, to Dublin-based international building materials group CRH plc for a cash consideration of approximately US$250 million (£121 million).
CEMEX acquired Rinker in July 2007 but, as a condition of US regulatory approval, were required to sell 39 ready-mixed concrete and aggregate facilities in Arizona and Florida. The proceeds from the sale of these assets will be used to reduce debt.
The Florida operations acquired by CRH comprise 26 ready-mixed concrete plants and six block plants. The ready-mixed concrete business operates in five market areas – Tampa, south-west Florida, Orlando, Jacksonville and the Florida Panhandle – while the block business operates primarily in the Tampa/St. Petersburg and Fort Myers/Naples areas. In Arizona, the acquired operations comprise two quarries and five ready-mixed concrete locations, principally in the Tucson area.
CEMEX and CRH say that discussions relating to the potential sale of additional operations in Europe have been terminated due to disagreement over the value of the assets.
