Cemex, the Mexican cement giant, announced an agreement has been signed for the sale of its operations in the Dominican Republic, for approximately US$950 million. The transaction includes export businesses to Haiti.
The agreement has been signed between a Spanish subsidiary of Cemex, as seller, and Cementos Progreso Holdings, S.L., through a subsidiary, and its strategic partners, as buyers. An online search reveals that Cementos Progreso is a cement and hardware store company founded in Guatemala.
The divested assets mainly consist of a cement plant in the Dominican Republic included its two integrated production lines and related cement, concrete, aggregates and marine terminal assets. The Dominican Republic operation is one of the leading cement players in the Caribbean region.
“This transaction advances us significantly in our portfolio rebalancing strategy that is focused on reducing our exposure in Emerging Markets and redeploying capital into growth investments in priority markets, primarily the US,” said Fernando A. Gonzalez, CEO of Cemex.
The divestment is pending the outcome of closing conditions. Cemex currently expects to finalize this transaction during the fourth quarter of 2024.
Proceeds from this divestment are expected to be used to fund the company’s investment growth strategy in its key markets, particularly the United States, and other corporate purposes.
Read more in Spanish:
Progreso
Cemex
6 August 2024