Mexico's Cemex to Sell Dominican Operations for $950 Million
By Anthony Harrup
MEXICO CITY -- Mexican building materials company Cemex said it reached an agreement to sell its operations in the Dominican Republic to Cementos Progreso Holdings and its partners for around $950 million.
The planned sale includes a cement plant in the Dominican Republic and related cement, concrete, aggregates and marine terminal assets, Cemex said in a release Monday. The transaction also includes the export business to Haiti.
Cemex said the sale is part of its strategy to reduce exposure in emerging markets and focus on growth in core markets, primarily the U.S. Proceeds from the sale will be used for bolt-on investments aimed at increasing growth in those priority markets and other corporate purposes.
As part of the refocusing strategy, in April Cemex agreed to sell its operations in the Philippines to DMCI Holdings and related companies.
Cementos Progreso operates in seven Latin American countries.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
August 05, 2024 09:31 ET (13:31 GMT)
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