MEXICO CITY: Mexico's Cemex, one of the world's largest cement producers, said on Wednesday it is selling some of its European facilities and businesses to German building company Schwenk for about $385 million.
Monterrey-based Cemex said it would use the money from the deal to reduce its debt. The firm has aggressively seeking to slash debt and regain its investment-grade rating.
The company's shares were up 3.5 percent during morning trading.
The assets that Cemex would sell include a production plant and several quarries in Latvia as well as import terminals in Finland, Norway and Sweden. Cemex said it expects the deal to close in the first quarter, pending regulatory approval.
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