By David Price. This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions.
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release. Part of CEMEX’s Paving Solutions business in the United Kingdom, together with some inactive sites, are also included in the sale to Breedon.
See here for a complete list of exchanges and delays. Breedon has agreed to pay £155m in cash and assume £23m of lease liabilities.
MONTERREY, Mexico--(BUSINESS WIRE)--CEMEX, S.A.B.
CEMEX has a rich history of improving the well-being of those it serves through innovative building solutions, efficiency advancements, and efforts to promote a sustainable future.
Cemex’s UK assets comprise 100 active operations across six divisions located in Scotland, Wales, North-East England, Norfolk, the East Midlands, and Yorkshire.
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Breedon will finance the deal using its existing £350m credit facility and drawdown a further £80m debt. "There is potential to drive significant performance improvements across these new assets and they will also strengthen our platform for further organic growth and bolt-on acquisitions,” he said.
All quotes delayed a minimum of 15 minutes. de C.V. (“CEMEX”) (NYSE: CX) announced today that one of its subsidiaries has signed an agreement for the sale …
The assets acquired by Breedon generated revenue of £178m in the year ending 31 December 2018, and profit before interest and tax of £11m. Breedon chief executive Pat Ward said: "This is a unique opportunity to extend our national network through a single value-enhancing transaction, substantially increasing our footprint in several regions of Great Britain where we are currently underrepresented and adding approximately 170 million tonnes of mineral reserves and resources.”.
Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. The Cemex assets will “substantially” expand its presence in the asphalt market, it said.
Whether in bags or in bulk, CEMEX provides its customers with high-quality branded cement products for their construction needs. Sign up for a free trial of our full service at https://www.breakingviews.com/trial and follow us on Twitter @Breakingviews and at www.breakingviews.com. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time.
MONTERREY, Mexico--(BUSINESS WIRE)--CEMEX, S.A.B. EBITDA for 2018 generated by the divested assets was approximately U.S.$21 million (U.S.$29 million adjusted for IFRS 16). This was around a quarter of the revenue and profit for Cemex’s entire UK operation. Parts of Cemex’s Paving Solutions business in the UK are also included in the sale to Breedon. “This transaction further rebalances our portfolio into our core markets, enhances our profitability, and enables us to continue to focus on deleveraging. 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.
The deal is part of Breedon’s strategy to consolidate the heavy-side of the construction material supplies market, which covers products including concrete, asphalt and aggregate.
ir@cemex.com The sites produce aggregates, asphalt and ready mixed concrete. +1(212) 317-6007 “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. The active assets being divested consist of 49 ready-mix plants, 28 aggregate quarries, 4 depots, 1 cement terminal, 14 asphalt plants, and 4 concrete products operations. Stop playing this dangerous fire-safety blame game, 08 Jan 2020
As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. mr@cemex.com
“With this transaction, our asset sales to date, announced or closed, have now reached close to the mid-range of our US$1.5-to-US$2.0-billion asset-divestment target under our ‘A Stronger CEMEX’ plan.”. In 2018 the Cemex UK’s assets being acquired generated revenue of £178m and EBITDA of £23m. Breedon has struck a deal to buy around 100 Cemex sites in the UK. 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.
+52(81) 8888-4334 Many factors could cause the actual results, performance, or achievements of CEMEX or the transaction herein described to be materially different from those expressed or implied in this release, including not satisfying all closing conditions required to close this divestment. CEMEX assumes no obligation to update or correct the information contained in this press release. The company said the materials market remains highly fragmented, which presents more opportunities for future takeovers. We believe the valuation of this transaction is in line with our other recent divestments considering the type and return of the assets sold,” said Fernando A. Gonzalez, CEO of CEMEX. After completion of the divestiture, CEMEX will still retain a substantial integrated business in the United Kingdom encompassing, among other things, cement production, ready-mix concrete, aggregates, asphalt, and paving solutions. de C.V. (“CEMEX”) on the sale by a subsidiary of certain assets in the UK to Breedon Group (“Breedon”), for a total consideration of approximately U.S.$235 million, which includes approximately U.S.$31 million of debt.
In April 2018 the company paid £455m to buy Belfast-based materials supplier Lagan Group and in 2015 it bought Hope Construction Materials for £336m. Building supplier Cemex has said its cement plant at South Ferriby could be mothballed by the end of the year.
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(Reporting by Anthony Esposito; editing by Jason Neely). Ward said the Cemex takeover was part of a longer-term strategy to grow the business.
Breedon’s share price was up 3.9 per cent by midday. Eduardo Rendón
Breedon’s Cemex buyout is the third big deal it has struck over the past five years. 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. In a statement, Breedon claimed the acquisition will give it access to new regional markets and increase its reserve of materials to last more than 27-years at current extraction rates. de C.V. (“CEMEX”) (NYSE: CX) announced today that one of its subsidiaries has signed an agreement for the sale of certain assets in the United Kingdom to Breedon Group (Breedon), for a total consideration of approximately U.S.$235 million, which includes approximately U.S.$31 million of debt. CEMEX currently expects to finalize this divestment during the second quarter of 2020. The company’s net debt stood at £343.7m at the end of June 2019. Cement is a fine powder, obtained from the calcination at 1,450°C of a mix of limestone, clay, and iron ore. Media Relations ir@cemex.com, CEMEX to sell certain assets in the UK to Breedon for approximately US$235 million. CEMEX is a global building materials company that provides high quality products and reliable services. HSBC acted as sole financial adviser to CEMEX on this transaction. CEMEX said it remains committed to the United Kingdom and maintains a significant footprint in “key geographies”. Slaughter and May advised Cemex, S.A.B. For more information on CEMEX, please visit: www.cemex.com, For more information on Breedon, please visit: www.breedongroup.com.
Breedon’s Cemex buyout is the third big deal it has struck over the past five years. Prior to completion of the divestiture, CEMEX will be running an information and consultation process with employees who are affected by the transaction. The takeover will see the construction materials company pay £155m in cash and assume £23m of liabilities for Cemex's operations spread across six divisions in Scotland, Wales, the North East, Norfolk, East Midlands and Yorkshire. We use cookies to personalize and improve your experience on our site. Within three years of the takeover it expects to save around £2m in costs from the combined operations, it said.
All opinions expressed are those of the authors. Part of Cemex’s paving solutions business in the UK, together with some inactive sites, are also included in the sale to Breedon. 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.
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