Cemex announced that it has signed a definitive agreement to sell its Fairborn, Ohio, cement plant and its cement terminal in Columbus, Ohio to Eagle Materials Inc. for approximately $400 million. The assets have an estimated 2016 EBITDA of $33 million. The proceeds from the transaction will be used mainly for debt reduction, as well as for general corporate purposes.
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The sale is expected to be finalized during the fourth quarter of 2016, but the transaction is subject to the satisfaction of certain conditions, including approval from regulators. Bank of America Merrill Lynch is acting as financial advisor.