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