Cemex is to divest its white cement business in Spain to Çimsa Çimento Sanayi Ve Ticaret as part of a strategy to re-balance its portfolio.
Cemex expects to close the $180 million deal during the second quarter of 2019. The proposed divestment does not include Cemex’s white cement business in Mexico as well the investment in Lehigh Cement in the US.
Once closed, the transaction will allow Cemex to concentrate on the assets best suited to grow in the context of its current business plan.
Cemex says the proceeds expected to be obtained from the divestment would be mainly used for debt reduction and general corporate purposes.
Closing of the transaction would be subject to the satisfaction of standard conditions which includes authorisation by regulators.