US Markets

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

Credit: REUTERS/DANIEL BECERRIL

Mexican cement producer Cemex SAB de CV said on Monday that it closed the sale of assets in the United Kingdom to Breedon Group for $230 million, including some $30 million of debt.

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)

((anthony.esposito@tr.com; +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.

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More