CEMEX signed an agreement for the sale of its operations in Costa Rica and El Salvador with Cementos Progreso Holdings S.L., through its subsidiaries, for $335 million.
The deal further advances the goal under CEMEX´s strategic plan, Operation Resilience, to optimize its global portfolio. Proceeds from the divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, reduce debt and other corporate purposes.
The divested assets consist of a fully integrated cement plant, grinding station, seven ready-mix plants, an aggregate quarry and distribution center in Costa Rica, and a distribution center in El Salvador.
“This transaction allows us to progress in our portfolio rebalancing objectives, while redeploying resources to fund our growth investments and further deleveraging,” said Fernando A. Gonzalez, CEO of CEMEX.
Subject to satisfaction of closing conditions in Costa Rica and El Salvador, including approvals by competition authorities, CEMEX expects to finalize the deal in the first half of 2022.
