MEXICO CITY, Aug 3 (Reuters) - Mexican cement producer Cemex
SAB de CV said on Monday that it closed the sale of
assets in the United Kingdom to Breedon Group for $230
million, including some $30 million of debt.
Proceeds from the divestment will be used for debt reduction
and general corporate purposes, Cemex said in a statement,
without providing details on what assets were divested.
"With the closing of this transaction, CEMEX has met its
stated asset sales target of between $1.5 billion and $2.0
billion," under a plan that runs from June 2018 until the end of
2020, it said.
CEMEX said it remains committed to the United Kingdom and
maintains a significant footprint in "key geographies".
Monterrey-based Cemex, which operates in more than 50
countries, said this year it was delaying capital expenditure
and cutting a percentage of employees' salaries or allowances
for a period of three months to cut costs amid the coronavirus
crisis.
(Reporting by Anthony Esposito; editing by Jason Neely)
Breedon (BREE)
