Cemex has completed the sale of its operations in Panama to Grupo Estrella for an enterprise value of approximately US$200 million, representing a multiple of about 12x adjusted EBITDA for the twelve months ended August 31, 2025.
At the same time, the company has increased its holdings to a majority stake in Couch Aggregates, a leading aggregates producer in the southeastern United States. The move expands upon a joint venture originally launched in July 2024 and aligns with Cemex’s strategy to strengthen its U.S. aggregates business—one of its key growth markets.
“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.
A portion of the proceeds from the Panama divestiture was used to fund the increased investment in Couch Aggregates. Cemex expects the earnings contribution from its U.S. aggregates business to offset the short-term EBITDA loss from the Panama sale.
The assets sold in Panama include a cement plant in Calzada Larga, Chilibre, with an installed capacity of approximately 1.2 million metric tons per year, as well as related ready-mix concrete, aggregates operations, and rights to additional reserves. Cemex will retain its admixtures business in the country.
Meanwhile, Couch Aggregates operates seven sand and gravel pits and five marine terminals, supplying diverse construction markets across the southeastern U.S.
Cemex emphasized that the transactions reflect its disciplined capital allocation strategy and ongoing efforts to enhance shareholder value through portfolio optimization, operational efficiency, and strategic growth in high-potential regions.
About Cemex:
Cemex is a global construction materials company committed to building a better future through sustainable products, innovation, and digital solutions. The company aims to achieve carbon neutrality by integrating circular economy principles and expanding the use of alternative fuels and raw materials across its operations.
For more information, visit www.cemex.com.
