Cemex to sell Austria and Hungary aggregate and readymix business

Cemex is to sell its operations in Austria and Hungary to the Rohrdorfer Group for approximately $178m (€160.1m).

The Austrian operations consist of 24 aggregate quarries (approximately 6.47m tonnes of aggregates sold in 2014) and 34 ready-mix plants (approximately 1.60m cubic meters of ready-mix sold in 2014). Cemex’s operations in Austria had net sales of approximately $241 million in 2014.

The Hungarian operations being divested consist of 5 aggregate quarries (approximately 1.36m tonnes sold in 2014) and 34 ready-mix plants (approximately 0.46 m cubic meters of ready-mix sold in 2014). Cemex’s operations in Hungary had net sales of approximately $47 million in 2014.

The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.

The closing of this transaction is subject to the satisfaction of standard conditions for this type of transaction, which includes authorization by regulators. We currently expect to finalize this transaction during the fourth quarter of 2015.

Bank of America Merrill Lynch, Citigroup, BNP Paribas and Morgan Stanley & Co. International plc acted as financial advisors to Cemex in this transaction.

Source

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