By Kylie Madry
March 11 (Reuters) – Mexican cement maker Cemex on Wednesday said it plans to sell some assets in Colombia in deals it expects to bring in around $555 million, as it continues to shed assets outside of its core markets.
Cemex in a statement said peer Holcim will buy a cement plant, a grinding mill and a portfolio of other plants for $485 million in a deal set to close by year-end.
The cement maker said it is in talks with undisclosed parties for other assets worth about $70 million.
Cemex has been looking to exit Colombia, media reported, after sales in Central America and the Philippines in the past two years.
It will retain two cement plants in Colombia with combined installed annual capacity of 1.6 million metric tons, as well as a grinding mill, ready-mix plants and aggregates quarries.
“We are pleased with the continued progress we are making in further streamlining our portfolio, while we focus on investing and strengthening our position in key geographies and businesses in the U.S., Europe and Mexico,” Chief Executive Jaime Muguiro said.
Holcim’s CEO told Reuters late last year that big acquisitions were possible in the following months after it bought German walling systems maker Xella for 1.85 billion euros ($2.14 billion).
($1 = 0.8660 euros)
(Reporting by Kylie Madry; Editing by Christopher Cushing)
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