Vienna - The Mexican company Cemex, one of the world's largest cement makers, is selling its building materials subsidiaries in Austria and Hungary to Austria-based construction company Strabag, both companies announced Thursday.
Strabag, one of Europe's leading construction groups, will buy 100 per cent of Cemex' stone, gravel and concrete operations in these two countries for 310 million euros (485 million dollars), Cemex announced in a statement.
Pending approval by market supervisory authorities and Strabag's board, the revenue from the sale will be used to reduce Cemex' debt, the Mexican company said.
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