Cemex sales ready mix concrete operations in Oregon and Washington
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Cemex announced that one of its subsidiaries in the U.S. has signed a definitive agreement for the sale of its Pacific Northwest Materials Business consisting of aggregate, asphalt and ready mix concrete operations in Oregon and Washington to Cadman Materials, Inc., a LehighHanson company and U.S. subsidiary of HeidelbergCement Group, for approximately US$ 150 million.
The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes, said the company in a press release.
The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators.
Bank of America Merrill Lynch and Citigroup Global Markets Limited served as financial advisors to Cemex in this transaction.