The agreement, signed through CEMEX's subsidiaries, is for a total consideration of around US$335m. The building materials giant says the transaction further advances the goal under its Operation Resilience strategic plan to optimise its global portfolio.
The divested assets consist of a fully integrated cement plant, a grinding station, seven ready-mix plants, an aggregate quarry and a distribution centre in Costa Rica, and a distribution centre in El Salvador.
“This transaction allows us to progress in our portfolio rebalancing objectives, while redeploying resources to fund our growth investments and further deleveraging,” said CEMEX CEO Fernando Gonzalez.
Subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities, CEMEX says that it currently expects to finalise the transaction during the first half of 2022.
Proceeds from the divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt and other corporate purposes.
Cementos Progreso, established in 1899, is a leading regional cement and building materials company for the construction industry across five countries in Latin America.
