Binding agreement to divest aggregates and ready-mixed concrete assets in north and north-west Germany
CEMEX have today [19 March] reached a binding agreement to sell their aggregates and ready-mixed concrete assets in the north and north-west regions of Germany to GP Günter Papenburg AG, Hannover-based suppliers of construction materials and services, for approximately €87 million.
CEMEX currently expect to sign a final agreement for the sale of the assets during April 2019 and close this divestment during the second quarter of 2019.
The assets in being divested consist of four aggregates quarries and four ready-mixed concrete facilities in north Germany, and nine aggregates quarries and 14 ready-mixed concrete facilities in north-west Germany.
CEMEX say the proceeds obtained from the divestment will be used mainly for debt reduction and for general corporate purposes.
The closing of the transaction is subject to the satisfaction of standard conditions, including authorization by the regulators.