Cemex sells operations in Croatia and assets in Serbia, Bosnia-Herzegovina and Montenegro

Cemex has announced it has signed an agreement to sell its operations in Croatia as well as its assets in Bosnia-Herzegovina, Montenegro and Serbia to the Duna-Drava Cement company for approximately EUR 230.9 million.

Among the assets that will be sold are 3 cement plants (about 1.66 million tonnes of cement sold in 2014), 2 aggregate quarries (about 0.16 million tonnes of aggregate sold in 2014) and 7 plants for the production of concrete (about 0.25 million cubic meters of concrete sold in 2014). Cemex's operations in Croatia, including Bosnia-Herzegovina, Montenegro and Serbia, generated net sales of about USD 138 million in 2014.

Proceeds of this transaction will be mainly used to reduce the company debt as well as for general corporate purposes. In order to be closed, this deal must first be approved by the regulator. Finalization of this transaction is expected in Q4 2015.

Financial advisers of Cemex for this transaction were Bank of America Merrill Lynch, Citigroup, BNP Paribas and Morgan Stanley.