The Mexican cement company Cemex, one of the largest in the world, announced the signing of an agreement to sell its operations in Costa Rica and El Salvador for some 335 million dollars, with the aim of optimizing its global portfolio.
Cementos Progreso Holdings, based in Guatemala, will acquire the operations of Cemex after the endorsement of the competition authorities.
The Mexican firm said it hopes finalize the transaction during the first semester of 2022.
The assets for sale are a cement plant, a grinding station, seven concrete plants, an aggregates quarry and a distribution center in Costa Rica, as well as a distribution center in El Salvador.
“This transaction allows us to advance in the rebalancing objectives of our portfolio, freeing up resources to finance our growth investments and continue reducing our financial lever,” said Fernando González, CEO of Cemex.
At the end of October, Cemex, with businesses in more than 50 countries, reported a drop in its operating flow for the third quarter, due to the impact of interruptions in the supply chain and increases in energy costs.
