(Bloomberg) -- Cemex SAB agreed to sell its Dominican Republic subsidiary for $950 million as the Mexican cement maker sharpens its focus on the US market.
The assets, including a cement plant in the Dominican Republic and export businesses to Haiti, were purchased by a subsidiary of Cementos Progeso Holdings SL, according to a statement. The deal is expected to close in the fourth quarter.
The transaction is part of Cemex’s “portfolio rebalancing strategy, which is focused on reducing our exposure in emerging markets and redeploying capital into growth investments in priority markets, primarily the U.S.” Cemex Chief Executive Officer Fernando Gonzalez said in the statement.
In 2022, Cemex upgraded its San Pedro de Macoris cement plant in the Dominican Republic to add 500,000 metric tons, bringing its total annual capacity to 2.5 million tons. At the time, the company said the expansion would enable better service to “high-growth Caribbean markets.” The plant was Cemex’s main cement operation in the country.
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