CEMEX To Divest Baltic And Nordic Assets For About EUR 340 Mln

(RTTNews) - CEMEX, S.A.B. de C.V. (CX) said Wednesday that it has signed an agreement for the sale of assets in the Baltics and Nordics to the German building materials group Schwenk, for about 340 million euros.

The Baltic assets being divested by CEMEX consist of 1 cement production plant in Broceni with a production capacity of about 1.7 Mt, 4 aggregates quarries, 2 cement quarries, 6 ready-mix plants, 1 marine terminal and 1 land distribution terminal in Latvia.

The assets divested also include CEMEX's approximate 38 percent indirect interest in 1 cement production plant in Akmene in Lithuania, with a production capacity of approximately 1.8 Mt. In addition, the divestment includes the exports business to Estonia.

The Nordic assets being divested consist of 3 import terminals in Finland, 4 import terminals in Norway and 4 import terminals in Sweden.

The divested assets generated consolidated operating EBITDA of approximately 27.3 million euros in 2018.

CEMEX said it expects to finalize this divestment during the first quarter of 2019 and use the proceeds from this divestment mainly for debt reduction as well as for general corporate purposes.