Cemex, S.A.B. de C.V. announced that one of its subsidiaries in the United States 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 $150 million.
The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes, according to the company.
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 second quarter of 2017 or soon thereafter," the company said.
Bank of America Merrill Lynch and Citigroup Global Markets Limited are acting as financial advisors to Cemex in this transaction.