GCC to buy assets for US$ 306 million from Cemex

GCC to buy assets for US$ 306 million from Cemex

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Mexico's Cemex, one of the world's largest cement producers, agreed to sell some of its U.S. assets to Grupo Cementos de Chihuahua, or GCC, for US$ 306 million.

Cemex said in a press release that the terms of deal with GCC had changed since an initial announcement in May, when the asset sales were expected to be worth US$ 400 million.

Cemex is aiming to sell assets worth up to US$ 2 billion, up from a previous goal of US$ 1 billion to U$ 1.5 billion as it tries to cut total debt by US$ 3 billion to US$ 3.5 billion during the next two years.

Cemex said it will now sell GCC a cement plant in Odessa, Texas, two cement terminals and building materials businesses in El Paso, Texas and Las Cruces, New Mexico.

A cement plant in Lyons, Colorado and cement terminal in Florence, Colorado are no longer part of the deal, Cemex said.