Cementos Progreso Holdings has announced that it has signed a $ 335 million deal with Cemex to acquire the Mexican company’s operations in Costa Rica and El Salvador. Purchase a cement plant, a cement plant, seven prefabricated concrete plants, a bulk quarry and a distribution center in Costa Rica soil; As well as another distribution center in the Salvador region.
José Raúl Gonzalez, CEO of Cementos Progreso Holdings in Guatemala, explained that the business is part of an expansion and integration strategy in the Central American region, according to a press release.
“Through this (agreement) we operate in seven countries. We add high professional teams to the Cementos Progreso family, and we continue to work responsibly with the environment with all customers, suppliers, communities and other stakeholders, ”said Gonzalez, who founded the company in 1899.
The report states that the process will be completed subject to formal approvals and other conditions expected to be obtained in the first half of 2022.
For its part, Cemex described the delisting of Costa Rica and El Salvador on the Mexican Stock Exchange as part of a strategy called Operation Resilience to promote a global portfolio.
The company did not specify whether the agreement would suspend its operations in both countries altogether or as part of a trade.
“This transaction allows us to advance our portfolio restructuring objectives, freeing up resources to finance our growth investments and further reducing our financial influence,” Cemex CEO Fernando González Olivieri said in a statement.
Mexican Cement expects proceeds from the sale to be used to finance the company’s growth strategy for complementary investments in its core markets, credit and other corporate purposes.
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