Cemex announced today that an agreement has been signed for the sale of its operations in the Dominican Republic, for a total consideration of approximately US$950 million. The transaction includes export businesses to Haiti.
The agreement has been signed between a Spanish subsidiary of Cemex, as seller, and Cementos Progreso Holdings, S.L., through a subsidiary, and its strategic partners, as buyers.
The divested assets mainly consist of one cement plant in the Dominican Republic consisting of two integrated production lines and related cement, concrete, aggregates and marine terminal assets. The Dominican Republic operation is one of the leading cement players in the Caribbean region.
“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 U.S.” said Fernando A. Gonzalez, CEO of Cemex.
The divestment is subject to satisfaction of closing conditions. Cemex currently expects to finalize this transaction during the fourth quarter of 2024.
Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, particularly the U.S., and other corporate purposes.
J.P. Morgan and Lazard are serving as financial advisors to Cemex.
About Cemex
Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com
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