Building materials giant CEMEX has closed the sale of its white cement business to Turkish cement manufacturer Çimsa Çimento Sanayi Ve Ticaret.
The sale, which includes CEMEX’s Buñol cement plant in Spain, has been completed for a total consideration of approximately US$155m.
CEMEX says it will retain its white cement assets, business activities and investments in Mexico and the United States, as these are not part of the announced divestment.
The sale was first announced in March 219n as part of CEMEX’s strategy to re-balance its portfolio.
It adds that proceeds from this divestment will be used primarily to fund the company’s bolt-on investment growth strategy in its core businesses and geographies, as well as to reduce debt.
