Binding agreement reached with Turkey’s Çimsa Çimento to divest white cement business
CEMEX announced today that they have reached a binding agreement with Turkish construction materials firm Çimsa Çimento Sanayi Ve Ticaret AS to divest their white cement business, including their Buñol cement plant in Spain, for approximately US$180 million.
CEMEX currently expect to sign the final agreement during April 2019 and close the divestment during the second half of 2019. The proposed divestment does not include CEMEX’s white cement business in Mexico nor their investment in Lehigh Cement in the US.
CEMEX say the transaction is part of the ongoing rebalancing of their portfolio, which, once closed, will allow them to concentrate on the assets best suited to grow in the context of the company’s current business plan.
The proceeds expected from this divestment will be mainly used for debt reduction and general corporate purposes. Once final agreement has been reached, closing of the transaction will be subject to standard conditions, including authorization by the regulators.