April 20, 2017 |
Mexico's Cemex said it has agreed to sell the US concrete business Pacific Northwest Materials to Cadman Materials for $150m.
The cement maker will use the proceeds to reduce debt and cover general corporate purposes. Bank of America Merrill Lynch and Citi advised Cemex on the sale, the Mexican company said in a statement.
Cadman, a US subsidiary of Germany’s Heidelberg Cement Group, acquires aggregate, asphalt and ready mix concrete operations in Oregon and Washington as part of the deal.
Mexican cement maker earns $150m from the sale of the Pacific Northwest Materials concrete business