Cemex nears $378 million Ready Mix USA buyout

Sources: Cemex, S.A.B. de C.V., Monterrey, Mexico; CP staff

Pursuant to the exercise of a put option by Ready Mix USA, Cemex will assume full ownership in the two Cemex USA–Ready Mix USA joint ventures. Created in 2005, they span ready mixed, concrete block, cement and aggregate production and distribution operations in Alabama, Florida, Georgia and five other Southeast states. Cemex secured a buyout option while expanding the joint ventures with Southeast properties it inherited from its mid-2007 acquisition of Rinker Materials Corp. At $350 million, plus assumption of $28 million in debt, the transaction is valued almost exactly at the level Cemex projected in October 2010, when it announced its intention to consummate ownership of the joint ventures.