|
contents | business | |||||||||
| Cemex to sell assets in Canary Islands Mexican cement maker Cemex announced 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. write your comments about the article :: © 2008 Construction News :: home page |