Disposal of cement assets by Kosmos Cement Company
Today Buzzi Unicem has been informed that Kosmos Cement Company, a Kentucky partnership, in which a subsidiary of ours holds a 25% partnership interest, has signed a definitive agreement for the sale of certain assets to Eagle Materials Inc. for approximately 665 million dollars.
The assets being divested consist of the cement plant in Louisville (KY) as well as related assets, which include seven distribution terminals and raw material reserves. An affiliate of CEMEX, SAB de CV owns a 75% of the Kosmos Cement Company partnership and has conducted this transaction.
The closing of the agreement is subject to the satisfaction of certain conditions, including approval from regulators. Kosmos currently expects to have the closing during the first quarter of 2020 or soon thereafter. The net proceeds obtained from this transaction will be distributed to partners, according to their respective stakes, shortly after the closing.
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