Cemex sells concrete pipe manufacturing business
Cemex signed a definitive agreement to divest its U.S. reinforced concrete pipe manufacturing business to Quikrete Holdings for about $500 million, plus an additional $40 million purchase price contingent on future performance.
According to Cemex, the closing of the transaction is subject to the satisfaction of certain conditions, including approval from regulators. The proceeds gained from the transaction will primarily be used for debt reduction and general corporate purposes, Cemex adds.
Cemex expects to finalize the sale during the first quarter of 2017.
Cemex is a global building materials company that provides cement, ready-mix and aggregate products and services to customers and communities in more than 50 countries.
About the Author: Allison Kral
Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.Subscribe to Pit & Quarry
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