Mexico's Cemex sells $230 million in UK assets to Breedon Group


MEXICO CITY, Aug 3 (Reuters) - Mexican cement producer Cemex SAB de CV CMXCPO.MX said on Monday that it closed the sale of assets in the United Kingdom to Breedon Group BREE.L for $230 million, including some $30 million of debt.

Proceeds from the divestment will be used for debt reduction and general corporate purposes, Cemex said in a statement, without providing details on what assets were divested.

"With the closing of this transaction, CEMEX has met its stated asset sales target of between $1.5 billion and $2.0 billion," under a plan that runs from June 2018 until the end of 2020, it said.

CEMEX said it remains committed to the United Kingdom and maintains a significant footprint in "key geographies".

Monterrey-based Cemex, which operates in more than 50 countries, said this year it was delaying capital expenditure and cutting a percentage of employees' salaries or allowances for a period of three months to cut costs amid the coronavirus crisis.

(Reporting by Anthony Esposito; editing by Jason Neely)

((; +5255 5282 7140;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.