Global building materials group Cemex says the transaction was signed and closed on September 10.
The divested assets mainly consist of one grinding mill, three ready mix plants and five distribution centres. As of December 31, 2023, the grinding mill had an installed capacity of around 0.6m metric tons per year.
“In 2024, we have accelerated the execution of our portfolio rebalancing strategy with the announced sale of more than US$2 billion in assets located primarily in emerging markets,” said Cemex CEO Fernando González. “We are now primed for the next stage by redeploying most of the divestment proceeds in developed markets, primarily the US. We expect these efforts to drive sustainable growth for our business in the short and medium term.”
Cemex says the use of divestment proceeds will prioritise aggregates, urbanisation solutions, and cement, with a strong focus on lower-carbon and circular economy initiatives, along with other general corporate purposes. This aligns with its growth strategy, which targets bolt-on acquisitions in developed markets.
By concentrating on markets where it already operates and offers the most promising growth opportunities, in businesses that fit seamlessly with its current products and customers, Cemex says it has successfully driven incremental EBITDA over the past year.
