Cemex set to sell part of cement pipes businesses in Australia
07 Aug 2008
Mumbai: Mexico-based multinational cement company Cemex is looking to sell part of its cement pipes business, Rinker, in Australia.
Cemex is considering the sale of 16 of its concrete pipes and products manufacturing plants in Australia, which operate under the Humes brand name and own the Readymix brand.
Cemex, which last year spent $15.3 billion on Rinker, says it will use the proceeds to pay off debt.
Humes sold over 580,000 tonnes of product in 2007, generating revenues of approximately A$255 million (US$234 million).
Cemex has appointed Merrill Lynch as its financial advisor in the sales process.
The company is a growing global building materials company with customers in more than 50 countries throughout the world.