Building materials giant CEMEX has completed the US$329m sale of its operations in Costa Rica and El Salvador to Cementos Progreso Holdings.
CEMEX says the sale, completed through its subsidiaries, is an important step in meeting the goal of optimising its global asset base through asset divestments set out under its Operation Resilience divestment plan. In line with Operation Resilience, the company says it continues to actively evaluate other divestment opportunities in the regions in which it operates.
Proceeds from this divestment are expected to be used to fund CEMEX’s bolt-on investment growth strategy, reduce debt and other general corporate purposes. These transactions represent CEMEX’s permanent exit from both countries.
Cementos Progreso Holdings is a leading regional group in cement and construction materials in the central American region. It will have operations in seven countries after this transaction. Its flagship brand is Cementos Progreso which CEMEX says has been characterised by operating under strict legal compliance and ethical values since it was instituted by its founder Carlos F. Novella in 1899.
