First publishedon www.AggBusiness.com
CEMEX announced that it will sell its assets in the Baltics and Nordics to the German building materials group SCHWENK for around €340 million.
Baltic assets being divested consist of one cement production plant in Broceni with a production capacity of around 1.7 million tonnes, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia.
Also to be sold is CEMEX’s 38% indirect interest in one cement production plant in Akmene, Lithuania that has a production capacity of about 1.8 million tonnes. In addition, the exports business to Estonia is included as part of the divestment.
Nordic assets being divested consist of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden.
Consolidated operating EBITDA generated by the divested assets was around €27.3 million in 2018.
Proceeds expected to be obtained from the deal “will be used mainly for debt reduction and for general corporate purposes”, according to a written statement from CEMEX which operates in more than 50 countries. “We currently expect to finalise this divestment during the first quarter of 2019.”