Cemex are an international company. Image: Cemex
Cemex has announced the divestment of its Dominican Republic operations as it shifts its focus towards “priority markets”.
The divestment is for a total consideration of $950m US. The assets consist of a cement plant with two integrated production lines, as well as cement, concrete, aggregates, and marine terminal assets. The transaction also includes export business to Haiti.
According to Cemex, the deal was signed between a Spanish subsidiary of Cemex, as seller, and Cementos Progreso Holdings, S.L., through a subsidiary, and its strategic partners, as buyers. J.P. Morgan and Lazard are serving as financial advisors to Cemex.
“This transaction advances us significantly in our portfolio rebalancing strategy which is focused on reducing our exposure in emerging markets and redeploying capital into growth investments in priority markets, primarily the US,” Cemex chief executive officer Fernando A. Gonzalez said.
The divestment is subject to closing conditions, but the company expects the transaction to be finalised in the fourth quarter of 2024.
Cemex expects to use the proceeds of the divestment to fund bolt-on investments as part of its growth strategy, especially in the US, according to its release.
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