Cemex has signed an agreement for the sale of its operations in the Dominican Republic, for a total consideration of approximately US$950m.
The transaction includes export businesses to Haiti. The agreement has been signed between a Spanish subsidiary of Cemex, as seller, and Cementos Progreso Holdings, through a subsidiary, and its strategic partners, as buyers.
The divested assets mainly comprise one cement plant in the Dominican Republic consisting of two integrated production lines and related cement, concrete, aggregates and marine terminal assets.
The Dominican Republic operation is one of the leading cement players in the Caribbean region.
“This transaction advances us significantly in our portfolio rebalancing strategy which is focused on reducing our exposure in Emerging Markets and redeploying capital into growth investments in priority markets, primarily the US,” said Cemex CEO Fernando Gonzalez.
The divestment is subject to satisfaction of closing conditions. Cemex currently expects to finalise this transaction during the fourth quarter of 2024. Proceeds from this divestment are expected to be used to fund the company’s bolt-on investment growth strategy in its key markets, particularly the US, and other corporate purposes.
J.P. Morgan and Lazard are serving as financial advisors to Cemex.
