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Mon May 10 2021

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Cemex sells Mexican pumping assets

6 Dec 16 Cemex has entered an agreement to sell its ready-mix concrete pumping assets in Mexico to Pumping Team.

The sale price is aproximately US$80m plus an additional US$29m contingent on future performance targets.

The assets being divested to Spain-based Pumping Team consist mainly of Cemex Concretos’ 507 ready-mix concrete pumping units and other related assets.

“This transition will be seamless for Cemex's customers, as they will continue dealing directly with the company to obtain pumping services for our ready-mix products,” said Juan Romero, president of Cemex Mexico. “This strategic divestment will allow us to increase our focus on our core ready-mix concrete business while transferring pumping services to a specialized company, thereby ensuring continued quality to our customers.”

The proceeds obtained from the transaction will be used mainly for debt reduction and for general corporate purposes.

Closing of the transaction is subject to the satisfaction of conditions, including approval from regulators in Mexico. Cemex expects to finalise the sale during the first quarter of 2017.

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