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Cemex divests its operations in Panama and expands its U.S. Aggregates business

Posted on October 8, 2025

Monterrey, Mexico. – Cemex announced today that it has successfully closed the sale of its operations in Panama to Grupo Estrella for an enterprise value of approximately US$200 million, representing a multiple of approximately 12x adjusted EBITDA for the 12 months ended August 31, 2025.

Cemex also announced that it has increased its holdings to a majority stake in Couch Aggregates, a leading player in the aggregate materials industry across the southeastern United States, expanding on a joint venture originally announced in July 2024. Cemex believes that, in the short term, this investment will offset the loss of EBITDA from the sale of its operations in Panama. A small part of the proceeds from the divestiture of Panama are 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 U.S.,” said Jaime Muguiro, CEO of Cemex.

Grupo ESTRELLA, a Dominican privately owned industrial conglomerate, is acquiring the divested assets in Panama, that mainly consist of one cement plant in Calzada Larga, Chilibre, which, as of December 31, 2024, had an installed cement capacity of around 1.2 million metric tons per year. The divested assets also include related cement, ready-mix concrete, aggregates assets, and rights to acquire additional reserves for Panama’s operations. Cemex will retain its admixtures business in Panama.

Couch serves diverse markets with sand, gravel, and crushed stone, operating 7 sand & gravel pits and 5 marine terminals.

Cemex’s portfolio rebalancing strategy is part of its broader commitment to providing the highest possible returns to its shareholders by being the best partner to its customers, having a laser-like focus on operational efficiency, and following a disciplined capital allocation strategy. 

About Cemex 

Cemex is a global construction materials company that is building a better future through sustainable products and solutions. Cemex is committed to achieving carbon neutrality through relentless innovation and industry-leading research and development. Cemex is at the forefront of the circular economy in the construction value chain and is pioneering ways to increase the use of waste and residues as alternative raw materials and fuels in its operations with the help of new technologies. Cemex offers cement, ready-mix concrete, aggregates, and urbanization solutions in growing markets around the world, powered by a multinational workforce focused on providing a superior customer experience enabled by digital technologies. For more information, please visit: www.cemex.com

About ESTRELLA Group

Grupo Estrella is a privately-owned industrial conglomerate based in the Dominican Republic with 42 years of operations. Its activities are organized into two main divisions: construction, focused on infrastructure and building projects, and industrial, focused on the production of construction materials, including cement, ready-mix concrete, and aggregates, as well as the manufacture of reinforced steel bars, steel structures, and cold-formed steel products. The group also has investments in the energy, healthcare, airport, and media sectors in the Dominican Republic, Central America, and the Caribbean.

Media contact

Media Relations

Jorge Pérez

+52 (81) 8259-6666

jorgeluis.perez@cemex.com

 

Analyst and Investor Relations

Patricio Treviño

+52 (81) 8888-4327

+1 (212) 317-6011

ir@cemex.com

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