CEMEX to Divest Ready-Mix Concrete Pumping Assets in Mexico
December 02 2016 - 5:30PM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that
CEMEX and CEMEX Concretos, S.A. de C.V. (“CEMEX Concretos”) have
entered into a definitive agreement to divest CEMEX Concretos’
ready-mix concrete pumping assets in Mexico to Pumping Team S.L.L.
(“Pumping Team”) for approximately U.S.$80 million plus an
additional U.S.$29 million purchase price contingent on future
performance targets.
The assets being divested consist mainly of CEMEX Concretos’ 507
ready-mix concrete pumping units and other related assets.
Pumping Team, a Spanish-based company that specializes in
providing pumping services, will become the supplier of ready-mix
concrete pumping to CEMEX and its customers in Mexico.
“This transition will be seamless for CEMEX's customers, as they
will continue dealing directly with the company to obtain pumping
services for our ready-mix products,” said Juan Romero, President
of CEMEX Mexico. “This strategic divestment will allow us to
increase our focus on our core ready-mix concrete business while
transferring pumping services to a specialized company, thereby
ensuring continued quality to our customers.”
The closing of this transaction is subject to the satisfaction
of certain conditions, including approval from regulators in
Mexico. We currently expect to finalize this sale during the first
quarter of 2017.
The proceeds obtained from this transaction will be used mainly
for debt reduction and for general corporate purposes.
Seale & Associates are acting as financial advisors to CEMEX
in this transaction.
CEMEX is a global building materials company that provides high
quality products and reliable service to customers and communities
in more than 50 countries. Celebrating its 110th anniversary, CEMEX
has a rich history of improving the well-being of those it serves
through innovative building solutions, efficiency advancements, and
efforts to promote a sustainable future.
For more information on CEMEX, please
visit: www.cemex.com
For more information on Pumping Team, please visit:
www.pumpingteam.com.
This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. Many factors could cause the actual results,
performance, or achievements of CEMEX or the transaction herein
described to be materially different from those expressed or
implied in this release, including not closing the asset sale.
Should one or more of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may
vary materially from those described herein. CEMEX assumes no
obligation to update or correct the information contained in this
press release. CEMEX is not responsible for the content of any
third-party website or webpage referenced to or accessible through
this press release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161202005749/en/
CEMEX, S.A.B. de C.V.Media Relations:Jorge
Pérez, +52 (81) 8888-4334mr@cemex.comorInvestor
Relations:Eduardo Rendón, +52 (81)
8888-4256ir@cemex.comorAnalyst Relations:Lucy
Rodriguez, +1 (212) 317-6007ir@cemex.com
Cemex SaB De Cv (NYSE:CX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cemex SaB De Cv (NYSE:CX)
Historical Stock Chart
From Sep 2023 to Sep 2024