Cemex divests assets in Baltics and Nordics
Cemex announced that it has signed an agreement for the sale of assets in the Baltics and Nordics to the German building materials group SCHWENK, for approximately EUR340M. The Baltic assets being divested consist of one cement production plant in Broceni with a production capacity of approximately 1.7 Mt, four aggregates quarries, two cement quarries, six ready-mix plants, one marine terminal and one land distribution terminal in Latvia. The assets divested also include CEMEX's approximate 38% indirect interest in one cement production plant in Akmene in Lithuania, with a production capacity of approximately 1.8 Mt. In addition, the exports business to Estonia is also included as part of the divestment. The Nordic assets being divested consist of three import terminals in Finland, four import terminals in Norway and four import terminals in Sweden. Consolidated operating EBITDA generated by the divested assets was approximately EUR27.3M in 2018. The proceeds expected to be obtained from this divestment will be used mainly for debt reduction and for general corporate purposes. The closing of this transaction is subject to the satisfaction of standard conditions for this type of transactions, which includes authorization by regulators and is currently expected to finalize during the first quarter of 2019.