CEMEX said today that one of its subsidiaries in the U.S. has signed a definitive agreement to divest its U.S. Reinforced Concrete Pipe Manufacturing Business to Quikrete Holdings Inc. for about $500 million plus an additional $40 million purchase price contingent on future performance.

The closing of this transaction is subject to the satisfaction of certain conditions, including approval from regulators. We currently expect to finalize this sale during the first quarter of 2017.

The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.

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