CEMEX Inc., the U.S. subsidiary of CEMEX, and Ready Mix USA, a private ready-mix concrete company with operations in the Southeastern United States, have announced an agreement to create a joint venture.
Under the proposed agreement, CEMEX Inc. will contribute two cement plants (Demopolis, Ala., and Clinchfield, Ga.), 11 cement terminals and its ready-mix aggregates and block assets in the Florida panhandle to the joint venture.
Ready Mix USA will contribute all of its ready-mix and aggregate operations in Alabama, Georgia, the Florida panhandle and Tennessee, as well as its block operations in Arkansas, Tennessee, Mississippi, Florida and Alabama.
The cement assets of the joint venture will be managed by CEMEX, and the ready-mix, aggregate and block assets will be managed by Ready Mix USA.
It is currently anticipated that after three years under the joint venture, Ready Mix USA will have the option, but not the obligation, to require CEMEX to purchase Ready Mix USA’s interest in the joint venture on terms to be set in the definitive joint venture agreements.
The transaction is expected to close within the next 45 days.
CEMEX Inc.’s U.S. headquarters is in Houston, and Ready Mix USA is based in Birmingham, Ala.
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