Cemex has completed the sale of its operations in Panama to Grupo Estrella for an enterprise value of approximately US$200 million, representing a multiple of around x12 adjusted EBITDA for the 12 months ended August 31, 2025.
Cemex also announced that it has increased its holdings to a majority stake in Couch Aggregates, a leading player in the aggregate materials industry across the southeastern United States, expanding on a joint venture originally announced in July 2024. Cemex believes that, in the short term, this investment will offset the loss of EBITDA from the sale of its operations in Panama. A small part of the proceeds from the divestiture of Panama are being allocated to this transaction.
“These transactions are important building blocks in our strategy to rebalance our portfolio and continue investing in growth in priority markets, particularly aggregates in the U.S.,” said Jaime Muguiro, CEO of Cemex.
Grupo ESTRELLA, a Dominican privately owned industrial conglomerate, is acquiring the divested assets in Panama, which mainly consist of one cement plant in Calzada Larga, Chilibre, which, as of December 31, 2024, had an installed cement capacity of around 1.2 million metric tons per year. The divested assets also include related cement, ready-mix concrete, aggregates assets, and rights to acquire additional reserves for Panama’s operations. Cemex will retain its admixtures business in Panama.
Couch serves diverse markets with sand, gravel, and crushed stone, operating seven sand & gravel pits and five marine terminals.
Cemex’s says its portfolio rebalancing strategy is part of its broader commitment to providing the highest possible returns to its shareholders by being the best partner to its customers, having a “laser-like focus on operational efficiency, and following a disciplined capital allocation strategy”.
