Cemex Strikes Deal To Sell Some Assets To Grupco Cementos For $400 Million

CEMEX, S.A.B. de C.V. CX revealed it struck in principle agreement for the sale of some assets in the U.S. to Grupo Cementos de Chihuahua, S.A.B. de C.V. ("GCC") for about U.S. $400 million. According to the company, the assets, which would be sold to an American affiliate of GCC primarily consisted of CEMEX's cement plants in Odessa, Texas and Lyons, Colorado, three cement terminals apart from the building materials business in El Paso, Texas and Las Cruces, New Mexico.

Cemex said that closing of this transaction was subject to final binding agreements being signed and to the fulfillment of different conditions precedent, mainly confirmatory due diligence and approvals from competition authorities, among others. The company added it currently expects to finalize the deal before the end of the current year.

On Friday, shares of the company traded 2.35 percent higher.