Cemex Pays Down Debt With Asset Sales

Monterrey-based Cemex, the world's third-largest cement maker, announced on November 7 that it plans to sell its Canary Islands operations to Spanish investment firm Cimpor Inversiones. The deal includes cement and ready mix assets in Tenerife and a 50% stake in two joint ventures, Cementos Especiales de las Islas and Inprocoi, which control two grinding mills and 19 other plants. Cimpor, which is a subsidiary of Cimpor Cimentos de Portugal, has agreed to pay EUR162mn (US$211mn) for the operations. As part of the deal Cemex will also receive an unspecified amount for working capital. The deal is, however, still subject

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