Cemex announced in a press release that one of its subsidiaries in the U.S. has signed a definitive agreement for the sale of its Fairborn, Ohio cement plant and cement terminal in Columbus, Ohio to Eagle Materials Inc. for approximately US$ 400 million. 2016 EBITDA for the divested assets is estimated to be US$ 33 million.
The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.
The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. We currently expect to finalize this divestiture during the fourth quarter of 2016 or soon thereafter.
Bank of America Merrill Lynch is acting as financial advisor to CEMEX in this transaction.