About Us - Press Release - CEMEX completes sale of assets in Canary Islands
December 29, 2008
CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that it has completed the previously-announced sale of its Canary Islands operations to several Spanish subsidiaries of Cimpor Cimentos de Portugal SGPS, S.A. for €162 million euros (approximately US$226.8 million dollars), €5 million of which is being held in escrow to cover any price adjustments on account of possible contingencies - in addition to a separate payment for the working capital.
Proceeds from the sale will be used to reduce debt.
J.P. Morgan and RBS acted as financial advisors to CEMEX in this transaction.
CEMEX is a growing global building materials company that provides high-quality products and reliable service to customers and communities in more than 50 countries throughout the world. CEMEX has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. For more information, visit www.cemex.com.
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of CEMEX to be materially different from those expressed or implied in this release, including, among others, changes in general economic, political, governmental and business conditions globally and in the countries in which CEMEX does business, changes in interest rates, changes in inflation rates, changes in exchange rates, the level of construction generally, changes in cement demand and prices, changes in raw material and energy prices, changes in business strategy, and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein.