Cemex has announced that it has reached a binding agreement with Çimsa Çimento to divest its white cement business, including its Buñol plant in Spain, for approximately US$180m. The final agreement is expected to be signed in April 2019, with the closure of the sale forecast for 2H19.

The divestment does not include the company's white cement business in Mexico or the investment in USA-based Lehigh Cement. The deal is part of Cemex's ongoing restructure, with the potential proceeds to be mainly used for debt reduction and general corporate purposes, according to a press release.

Tamer Saka, president of Sabancı Holding Cement Group and chairman of Çimsa, commented on how the company will become the world's largest white cement business as a result of the deal. "With the purchase of the Buñol White Cement Plant in Spain, we are upgrading our game in the white cement sector, the highest value-added business in the global cement market. With the integration of the Buñol White Cement Plant to our production and distribution networks, we will increase our white cement production capacity by 40 per cent, translating into Çimsa becoming the world's largest white cement company," he said.

Once a final agreement is reached, the deal will be subject to authorisation from the appropriate regulators.