CEMEX's American subsidiary, CEMEX USA, has signed a definitive agreement to purchase the assets of Atlantic Minerals Limited in Newfoundland, Canada, consisting of aggregates quarry and port operations.
With this investment, CEMEX has secured a new long-term aggregate reserve for its extensive Florida operations and the US east coast, as well as a source for chemical-grade stone serving a broader geographic footprint. This acquisition is expected to increase CEMEX’s aggregate reserves for the US market by approximately 20%.
“This acquisition significantly grows our aggregates business with high-quality materials and bolsters our supply chain to better serve the aggregate-constrained Florida market and grow our US customer base,” said CEMEX USA president Jaime Muguiro. “We will be able to further capitalise on growing infrastructure and private sector demand in Florida and elsewhere.”
The closing of this transaction is subject to the satisfaction of certain conditions, including consent from government agencies. CEMEX expects to finalise this acquisition at the end of the first quarter of 2023 or soon thereafter.
This acquisition aligns with the company’s strategic growth plan, through which CEMEX is optimising its portfolio for EBITDA growth with bolt-on investments in its core businesses.
