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Latest World News
CEMEX sells assets in Canary Islands
- 16th November 2008
- Materials Handling
Monterrey, Mexico. November 7, 2008 - CEMEX, S.A.B. de C.V. (NYSE: CX), announced today that it has reached an agreement to sell its Canary Islands operations to Cimpor Inversiones, S.A., a Spanish investment holding company that is a subsidiary of Cimpor Cimentos de Portugal SGPS SA, for approximately €162 million euros (US$211 million dollars) in addition to a separate payment for the working capital. Closing of the transaction is subject to the approval of Spanish regulatory authorities.
The scope of the transaction includes CEMEX's cement and ready-mix assets in Tenerife and 50% of the shares in two joint-ventures, Cementos Especiales de las Islas, S.A. (CEISA) and Inprocoi, S.L. These operations together generated approximately €189 million euros (US$260 million dollars) in revenues during 2007.
CEMEX manages directly and through its joint-ventures in the Canary Islands 2 grinding mills and 19 other plants including ready-mix, mortar and precast facilities.
Proceeds from the sale will be used to reduce debt.
J.P. Morgan and RBS acted as financial advisors to CEMEX in this transaction.
Other news articles from Cemex UK Operations (Egham)
Sports England mortars for new Warwickshire College Sports Complex- CEMEX supports latest Metropolitan Police cyclist safety event
- Warwickshire County Council grants permission for Climafuel
- Last section of River Erewash diversion in place
- Readymix2go, the new readymix concrete service from CEMEX UK
- CEMEX UK awarded responsible sourcing certification
- EA grants permission for CEMEX to burn CLIMAFUEL
- 20% of pallets returned in first year of CEMEX’s pallet retrieval scheme
CEMEX Rail to provide switches and crossings for Singapore - Pupils explore their local CEMEX quarry
- CEMEX opens new £49 million cement plant in the South East of England
- CEMEX Floors has record production month
- CEMEX UK reinstates innovative, sustainable transport solution, Iso-veyors
- Restored sand and gravel quarry turned into latest CEMEX Angling site
- CEMEX Sheffield rail siding to further increase rail transportation of aggregates
- CEMEX officially opens new tunnel and processing plant
- CEMEX to help cyclists in York, Bristol, Cambridge and Manchester
- CEMEX UK, first company in sector to introduce Epod
- New runway at MOD St Athan fully operational with the help of CEMEX UK
- New CEMEX Mortar Division supplies leading supermarket contract
- New plant director at South Ferriby cement plant in North Lincolnshire
- CEMEX launches book on climate change
- CEMEX UK supplies Britain’s biggest greenhouse development
- New hoppers to increase rail transportation to over 10% for CEMEX UK
- New urban concrete plants open for business
- Angling and Archeology
- CEMEX launches first Sustainable Development Report
- Full speed ahead for CEMEX at transport museum
- CEMEX promotes cement experts
- CEMEX launches new on-line location finders to ease customer ordering
- ‘Picardy’ pin unearthed at CEMEX’s Kingsmead Quarry
- Poole coastal path covered in reptiles thanks to CEMEX donation.
- Is it a lamb? Is it a banana? No, it’s a CEMEX Superlambbanana made with the help of recycled concrete.
- Paving with green credentials
- Use of tyres shows further environmental gains for CEMEX cement plant in Rugby
- CEMEX UK’S Cement Line Up Increased With The Launch Of Two New Products
- CEMEX UK launches the first pallet collection system in the cement business.
- CEMEX Continues Ambitious UK Investment Programme With New Strategic London Plant
- Russell® presents a new concrete roof tile with the beauty of natural slate.
- CEMEX UK announces record performance in all its cement plants in 2007