US: Cemex has signed a definitive agreement for the sale of its 1Mt/yr Fairborn, Ohio cement plant, a cement terminal in Columbus, Ohio and a cement bagging operation to Eagle Materials for US$400m. Cemex will use the proceeds of the sale to reduce its debts and for general corporate purposes. The closing of the deal is subject to regulatory approval. The divestiture is expected to be completed during the fourth quarter of 2016.
"Our strategy has been to grow the cement side of our business. The Fairborn plant extends our US cement system and connects but does not overlap with the market reach of our existing plants. This high-quality cement plant is a compelling fit with our strategic objectives and our criteria for new investment. These assets will allow us to participate more fully in the US construction industry and further positions the company in target US heartland growth markets," said Dave Powers, Eagle Materials President and Chief Executive Officer.