Cemex is to sell Pacific Northwest Materials to Cadman Materials, a LehighHanson company and US subsidiary of HeidelbergCement, for approximately $150 million.
Pacific Northwest Materials has aggregate, asphalt and ready mix concrete operations in Oregon and Washington.
The money will be used mainly for debt reduction and for general corporate purposes Cemex says. The deal is subject to certain conditions, including approval from regulators and expected to finalize in the second quarter of 2017.
“The operations are an ideal strategic fit in order to broaden our vertically integrated market position in the states of Washington and Oregon, Bernd Scheifele, chairman, HeidelbergCement, says.
“This is a bolt-on acquisition with low risks and we are expecting significant synergies. It is part of our strategy of disciplined growth and increasing shareholder returns.”