by Kyle Molyneux | Wed 08 Jan 2020
Breedon agrees purchase of CEMEX assets
Breedon Group has announced that it has entered into a conditional agreement with CEMEX UK Operations Limited to acquire certain assets and operations in the United Kingdom for £178 million. The combination of Breedon’s and CEMEX’s UK Assets will further enhance Breedon’s position as a leading construction materials group in Great Britain and Ireland.
Breedon has agreed to acquire CEMEX’s UK Assets for £155 million in cash together with the assumption of £23 million of lease liabilities. The cash consideration will be payable to the seller on completion. CEMEX’s UK assets encompass approximately 100 active operations across six divisions located in Scotland, Wales, North-East England, Norfolk, the East Midlands, and Yorkshire. The acquisition of Cemex assets will see Breedon Group's mineral reserves and resources increase by approximately 170 million tonnes, enough to last over 27 years at current extraction rates.
After completion of the divestiture, CEMEX will still retain a substantial integrated business in the UK, encompassing cement production, ready-mix concrete, aggregates, asphalt and paving solutions, among other things.
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