Cemex sells its operations in Guatemala

Save to read list

Published by David Bizley,
Editor

World Cement,
Thursday, 12 September 2024 09:06

Cemex announced has sold its operations in Guatemala to Holcim Group, for a total consideration of approximately US$200 million.

The divested assets mainly consist of one grinding mill, three ready mix plants and five distribution centers. As of December 31, 2023, the grinding mill had an installed capacity of around 0.6 million tpy.

“In 2024, we have accelerated the execution of our portfolio rebalancing strategy with the announced sale of more than US$2 billion in assets located primarily in emerging markets,” said Fernando A. González, CEO of Cemex. “We are now primed for the next stage by redeploying most of the divestment proceeds in developed markets, primarily the US. We expect these efforts to drive sustainable growth for our business in the short and medium term.”

The use of divestment proceeds will prioritise aggregates, urbanisation solutions, and cement, with a strong focus on lower-carbon and circular economy initiatives, along with other general corporate purposes. This aligns with its growth strategy, which targets bolt-on acquisitions in developed markets. By concentrating on markets where it already operates and offers the most promising growth opportunities, in businesses that fit seamlessly with its current products and customers, Cemex has successfully driven incremental EBITDA over the past year.

Cemex was advised by BofA Securities.

Click here for free registration to World Cement

Read the article online at: https://www.worldcement.com/the-americas/12092024/cemex-sells-its-operations-in-guatemala/