Cemex is looking to sell assets in Hungary, Austria and the UK to reduce debt levels

Cemex has announced that it is reviewing its portfolio of assets in Europe with a view to selling off some elements to reduce debt levels. The assets being considered for sale include operations in Austria, Hungary and select building products in the UK.

The company has appointed Citigoup to act as financial advisor for the UK review and Morgan Stanley to oversee any sales in Austria and Hungary.

Businesses under review in the UK include Cemex’s floor, roof tiles and rail products divisions, which generated sales of US$98million (€63.4million) last year. In Austria and Hungary, Cemex’s aggregates, ready mixed concrete and asphalt operations are to come under the spotlight. These operations generated revenues of US$84million (€60.8million) and US274million (€177million) in Hungary and Austria last year, respectively.

No details about how the review or sales will be managed has yet been released but Cemex has said that funds raised from any sell offs will be used to offset the company’s US$19billion (€12.3billion) debt load.