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 market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.