Cemex to sell Colombian assets for 555 million dollars

Mexican building materials giant Cemex has announced plans to divest several assets in Colombia through deals valued at approximately $555 million. This move aligns with the company's ongoing strategy to streamline its portfolio and reduce exposure to non-core markets. The announcement follows similar divestments by the Mexico-based firm in other regions over the past two years. As part of the divestment, HOLCIM LTD has agreed to acquire a cement plant, a grinding mill, and a selection of other facilities for $485 million. This transaction is expected to be finalized by the end of the year. Additionally, Cemex confirmed it is in negotiations with undisclosed parties for the sale of further assets estimated to be worth $70 million. The decision to scale back operations in the South American nation follows previous exits from markets in Central America and the Philippines. Despite the significant sale, Cemex will maintain a presence in the country, retaining two cement plants with a combined annual capacity of 1.6 million metric tons, along with a grinding mill, ready-mix plants, and aggregates quarries. Chief Executive Jaime Muguiro highlighted the strategic importance of the move in a recent statement. > We are pleased with the continued progress we are making in further streamlining our portfolio, while we focus on investing and strengthening our position in key geographies and businesses in the United States, Europe and Mexico. The acquisition by Holcim comes as the company seeks to expand its global footprint. Late last year, the company's leadership indicated that major acquisitions were on the horizon following its 1.85 billion euro purchase of the Germany-based walling systems manufacturer Xella.