Cemex Sells Its Australian Unit To Holcim for $1.61 Billion

Cemex SAB is selling its Australian operations, Cemex Australia, to Switzerland’s Holcim Ltd. for $1.61 billion. The sale is expected to be completed by the end of the year, say officials with the Monterrey, Mexico-based company. Cemex acquired its stake in the Australian market two years ago as part of a $15.3 billion purchase of Australia’s Rinker Group Ltd. The current transaction only involves Rinker’s former Australian operations. In February, Cemex said it would sell as much at $1.9 billion in assets to reduce its debt load by $3.6 billion this year. The sale increases Holcim’s stake in Cement Australia, the country’s biggest producer, to 75%.