Cemex to Sell Dominican Republic Operations for $950 Million
Mexican building materials giant to divest its operations in the Caribbean nation to Cementos Progreso
Sale expected to close in the fourth quarter of 2024
MEXICO CITY, Aug 5 (Reuters) - Cemex SAB de CV (CEMEXCPO.MX) announced on Monday that it has signed an agreement to sell its operations in the Dominican Republic to Cementos Progreso, a subsidiary of Progreso Holdings, for approximately $950 million.
The transaction, which is subject to customary closing conditions and regulatory approvals, is expected to close in the fourth quarter of 2024. Cemex said the proceeds from the sale will be used to reduce its debt and support its growth strategy.
Cemex's operations in the Dominican Republic include an integrated cement plant, a ready-mix concrete plant, and a distribution network. The company has been operating in the Dominican Republic for more than 20 years and is one of the leading cement producers in the country.
Cementos Progreso is a leading cement producer in Central America and the Caribbean. The company has operations in Guatemala, Belize, Honduras, El Salvador, and Jamaica.
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