Mexico-based cement producer Cemex SAB de CV said Tuesday it is exploring the sale of certain assets, including operations in Austria, Hungary and some building products in Great Britain.
Cemex said it plans to use the proceeds from the potential sale to reduce debt.
The company's Austrian operations consist of 26 aggregate plants and 39 ready-mix plants. The assets generated about $274 million in revenue in 2007.
The Hungarian assets are comprised of 5 aggregate plants, 31 ready-mix plants and 5 paving stone plants. The assets accounted for about $84 million in revenue last year.
The British assets include the company's floors, roof tiles and rail products businesses, which generated about $98 million in sales during 2007.
Cemex has retained Morgan Stanley as its financial adviser for the sales process in Austria and Hungary. Citigroup will advise the company on the British asset sales process.
Cemex shares rose $1.21, or 4.3 percent, to cloe at $29.10.
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