Mexico-based Cemex has signed an agreement for the sale of its operations in Costa Rica and El Salvador with Guatemala’s Cementos Progeso Holdings, for the amount of US$335m, to be completed in the first quarter of 2022.

The assets up for sale include an integrated cement plant, a grinding station, seven concrete plants, an aggregates quarry and a distribution centre in Costa Rica as well as a distribution centre in El Salvador.

The disposal of the operations are in line with Cemex’s strategic plan, Operation Resilience, and aims to optimise the company’s global portfolio, according to a document sent to the Mexican stock exchange, BMV. The income from the disposal is understood to be used to finance its growth strategy through complementary investments in its main markets, reduce debt and other corporate purposes.

The sale is subject to compliance with the closing conditions in Costa Rica and El Salvador, including the approval of the corresponding competition authorities.