Cemex divests Panama cement plant, focuses on US growth markets

Cemex announced Oct. 6 the sale of its Panama operations to Grupo Estrella for an enterprise value of approximately $200 million, marking a strategic shift as the Mexican cement giant realigns its portfolio toward higher-growth markets in the US.

The assets being sold include a cement plant located in Calzada Larga, Chilibre, which had an installed cement capacity of around 1.2 million metric tons per year as of Dec. 31, 2024. The sale also includes related assets in ready-mix concrete and aggregates, as well as rights to acquire additional reserves for operations in Panama. Cemex will retain its admixtures business in the country.

The Panama sale forms part of a broader portfolio rebalancing that includes Cemex increasing its stake to a majority position in Couch Aggregates, which operates across the southeastern US.

This move builds on a joint venture initially announced in July 2024. Cemex expects this investment to offset the loss of EBITDA from the sale of its Panama operations, with part of the proceeds being allocated to this transaction.

"These transactions are important building blocks in our strategy to rebalance our portfolio and continue investing in growth in priority markets, particularly aggregates in the US," said Jaime Muguiro, CEO of Cemex.

Platts, part of S&P Global Commodity Insights, last assessed Cement CIF Houston at $86/mt on Oct. 2.