Pumping Team SLL to buy Cemex Concretos’ concrete pumping assets for US$80mn
First publishedon www.AggBusiness.com
Cemex and Cemex Concretos are selling Cemex Concretos’ ready-mixed concrete pumping assets in Mexico to Pumping Team SLL (Pumping Team) for around US$80million, plus an additional $29 million purchase price contingent on future performance targets.
The assets being sold consist mainly of Cemex Concretos’ 507 ready-mix concrete pumping units and other related assets.
Pumping Team, a Spanish-based company that specializes in providing pumping services, will become the supplier of ready-mix concrete pumping to Cemex and its customers in Mexico.
“This transition will be seamless for Cemex's customers, as they will continue dealing directly with the company to obtain pumping services for our ready-mixed products,” said Juan Romero, president of Cemex Mexico. “This strategic divestment will allow us to increase our focus on our core ready-mixed concrete business while transferring pumping services to a specialised company, thereby ensuring continued quality to our customers.”
The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators in Mexico. We currently expect to finalise this sale during the first quarter of 2017. Cemex says the proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.