CEMEX Reaches Binding Agreement to Divest White Cement Business
March 20 2019 - 11:30AM
Business Wire
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE:CX) announced today that
it has reached a binding agreement with Çimsa Çimento Sanayi Ve
Ticaret A.S. to divest CEMEX’s white cement business, including its
Buñol cement plant in Spain, for approximately US$180 million.
CEMEX currently expects it could sign the final agreement during
April 2019 and close this divestment during the second half of
2019. The proposed divestment does not include CEMEX’s white cement
business in Mexico as well as the investment in Lehigh Cement in
the USA.
This transaction is part of the ongoing rebalancing of CEMEX’s
portfolio that was announced as part of the “A Stronger CEMEX” plan
in 2018. Once closed, it would allow CEMEX to concentrate on the
assets best suited to grow in the context of the CEMEX’s current
business plan.
The proceeds expected to be obtained from this divestment would
be mainly used for debt reduction and general corporate
purposes.
Once a final agreement is reached, closing of this transaction
would be subject to the satisfaction of standard conditions for
this type of transactions, which includes authorization by
regulators.
CEMEX is a global building materials company that provides high
quality products and reliable service to customers and communities
in more than 50 countries. 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 Çimsa Çimento Sanayi Ve Ticaret A.S.,
please visit: www.cimsa.com.tr/en
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 reaching a final agreement
and not satisfying all closing conditions required to close this
divestment. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190320005459/en/
Media RelationsJorge Pérez+52(81)
8888-4334mr@cemex.com
Investor RelationsEduardo Rendón+52(81)
8888-4256ir@cemex.com
Analyst RelationsLucy Rodriguez+1(212)
317-6007ir@cemex.com
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