CEMEX and GCC Agree on Terms and Conditions for Sale of Certain U.S. Assets
August 29 2016 - 6:34AM
Business Wire
- Transaction subject to customary
closing conditions
CEMEX, S.A.B. de C.V. (“CEMEX”) (NYSE: CX) announced today that
it has reached an agreement with Grupo Cementos de Chihuahua,
S.A.B. de C.V. (“GCC”) on the terms and conditions regarding the
sale to GCC of certain assets in the U.S. originally announced on
May 2, 2016.
The assets being sold by an affiliate of CEMEX to an affiliate
of GCC in the U.S. have changed and mainly consist of CEMEX’s
cement plant in Odessa, Texas, two cement terminals and the
building materials business in El Paso, Texas and Las Cruces, New
Mexico. CEMEX’s cement plant in Lyons, Colorado and cement terminal
in Florence, Colorado are no longer part of the assets being sold
to GCC. Upon closing of this transaction GCC will pay CEMEX
U.S.$306 million.
Closing of this transaction is subject to customary closing
conditions, which include the satisfaction of various conditions
precedent, consisting mainly of approvals from the United States
competition authorities and GCC’s shareholders, among others, as
well as GCC obtaining financing to purchase the assets. We
currently expect to finalize this transaction before the end of
2016.
Citigroup is acting as financial advisor to CEMEX in this
transaction.
CEMEX is a global building materials company that provides high
quality products and reliable service to customers and communities
in more than 50 countries. Celebrating its 110th anniversary, CEMEX
has a rich history of improving the well-being of those it serves
through innovative building solutions, efficiency advancements, and
efforts to promote a sustainable future.
For more information on CEMEX, please
visit: www.cemex.com
For more information on GCC, please visit: www.gcc.com
This press release contains forward-looking statements and
information that are necessarily subject to risks, uncertainties,
and assumptions. Many factors could cause the actual results,
performance, or achievements of CEMEX or the transaction herein
described to be materially different from those expressed or
implied in this release, including not satisfying all customary
closing conditions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those described
herein. CEMEX assumes no obligation to update or correct the
information contained in this press release. CEMEX is not
responsible for the content of any third-party website or webpage
referenced to or accessible through this press release.
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version on businesswire.com: http://www.businesswire.com/news/home/20160829005337/en/
CEMEX, S.A.B. de C.V.Media Relations:Jorge Pérez,
+52 (81) 8888-4334mr@cemex.comorInvestor
Relations:Eduardo Rendón, +52 (81)
8888-4256ir@cemex.comorAnalyst Relations:Lucy
Rodriguez, +1-212-317-6007ir@cemex.com
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