Cemex continue to rebalance their portfolio

Company divests cement and concrete operations in Panama and expands US aggregates business

CEMEX have successfully closed the sale of their operations in Panama to Grupo Estrella for an enterprise value of approximately US$200 million, representing a multiple of approximately 12 times adjusted EBITDA for the 12 months ended 31 August 2025.

Cemex have also increased their holdings to a majority stake in Couch Aggregates, a leading player in the aggregate materials industry across the south-eastern US, expanding on a joint venture originally announced in July 2024.

Cemex believes that, in the short term, this US investment will offset the loss of EBITDA from the sale of their operations in Panama. A small part of the proceeds from the divestiture of Panama are being allocated to this transaction.

‘These transactions are important building blocks in our strategy to rebalance our portfolio and continue investing in growth in priority markets, particularly aggregates in the US,’ said Jaime Muguiro, chief executive officer of Cemex.

Grupo Estrella, a Dominican privately owned industrial conglomerate, is acquiring the divested assets in Panama, which mainly consist of one cement plant that, as of 31 December 2024, had an installed cement capacity of around 1.2 million tonnes per year.

The divested assets also include related cement, ready-mixed concrete, aggregates assets, and rights to acquire additional reserves for Panama’s operations. Cemex will retain their admixtures business in Panama.

Couch Aggregates serve diverse markets with sand, gravel, and crushed stone, operating seven sand and gravel pits and five marine terminals.