Cemex Sells US Assets

Mexican cement company Cemex has completed the sale of 11 assets in Kentucky to Bluegrass Materials Company for $90m. The package consists of 7 aggregates quarries, 3 resale aggregate distribution centers, and a concrete block manufacturing facility. Cemex acquired the assets in 2007 as part of the Rinker Group acquisition. The cement maker plans to use proceeds from the sale to reduce its outstanding debt and to enhance its liquidity position. Fitch recently upgraded its outlook on the company’s B rating to positive, citing debt-reduction efforts. Cemex’s debt load fell to $17.2bn as of June 30, from $21.2bn a year earlier, says Fitch.