Cemex finalizes sale of quarries to Bluegrass Materials
August 30, 2010Cemex completed the previously announced sale of seven aggregate quarries, three resale aggregate distribution centers and one concrete block manufacturing facility in Kentucky to Bluegrass Materials Co. LLC. Cemex acquired these assets in 2007 as part of the Rinker Group acquisition. The facilities and properties were deemed non-core assets for Cemex’s integrated cement, concrete, aggregates and building materials operations throughout the United States. Cemex will use the proceeds from the sale to reduce its outstanding debt and/or to enhance its liquidity position.
Bluegrass Materials Co. LLC is a wholly owned subsidiary of Panadero Aggregates Holdings LLC. Panadero was formed in 2010 by John D. Baker II and Ted L. Baker II, formerly of Florida Rock Industries, to invest in aggregates and other construction materials businesses.
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