Ready Mix USA sells 12 quarries for US$ 420 million
By Chris Sleight23 February 2010
Ready Mix USA LLC has sold 12 'non strategic' active quarries in the southeastern US to private equity fund SPO Partners & Co for US$ 420 million.
Some of the proceeds will be used to pay-down the company's debt, while about US$ 200 million in cash will be split evenly between the company and its 49.9% minority owner, Cemex. Cemex, which does not consolidate Ready Mix USA's results into its own accounts, will use the cash to pay-down debt.
This is the latest in a string of transactions that Cemex has undertaken during the economic downturn to reduce its US$ 15 billion of debt. Other measures have included the issuing of US£ 2.3 billion in new debt notes, raising US$ 2.2 billion in equity and selling its Australian operations to Holcim for US$ 1.7 billion.