Mexico’s Cemex plans to reduce debt with proceeds from divestiture

By Sarah Lizee

Olympia, Wash., March 6 – Cemex, SAB de CV plans to reduce debt using proceeds from the divestment of a Kentucky cement plant and the related assets, according to a press release.

The company’s U.S. affiliate, Kosmos Cement Co., a partnership with a subsidiary of Buzzi Unicem SpA in which Cemex holds a 75% interest, closed the divestment of its Kentucky cement plant and related assets to Eagle Materials Inc. for an aggregate amount of about $665 million, of which the proceeds to Cemex will be about $499 million.

Proceeds will also be used for general corporate purposes.

Cemex is a cement producer based in Monterrey, Mexico.

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