• GCC to host conference call on Tuesday, June 26th
CHIHUAHUA, Mexico, June 25, 2018 (GLOBE NEWSWIRE) -- Grupo Cementos de Chihuahua, S.A.B. de C.V., or GCC, (BMV: GCC*) announced that the company and CRH completed the transactions for cement and ready-mix assets announced on June 14th.
GCC acquired the Trident cement plant in Three Forks, Montana, with a capacity of 315,000 metric tons, from CRH for US$ 107.5 million.
CRH acquired most of the ready-mix plants and transportation assets belonging to GCC in Oklahoma and northwest Arkansas for US$ 118.5 million. GCC will reclassify these assets as discontinued operations.
GCC will continue to own and operate four ready-mix plants in the Fort Smith, Arkansas area and own an office building in Tulsa, Oklahoma, which it will lease to CRH.
The purchase and sale amounts have been paid in full but are subject to final inventory valuation adjustments, which are expected to be completed within 90 days.
GCC expects to record a net loss from discontinued operations of approximately US$ 35 million after tax, including revenues and expenses through closing and the difference between book value and the sale price. The latter is expected to reduce 2018 net income, without affecting operating income, EBITDA, or Free Cash Flow.
GCC will host a webcast conference call to discuss these transactions and their effects on GCC’s business and outlook.
|Date:||Tuesday, June 26, 2018|
|Time:||12:00 pm (Eastern Time) / 11:00 am (Mexico City) / 10:00 am (Mountain Time)|
|Dial-in:||U.S.: (877) 407 0789 Toll Free|
|International: +1 (201) 689 8562|
|Conference ID: 13680945|
Dial-in audio replay (through July 3, 2018):
|U.S.:||(844) 512 2921 Toll Free|
|International:||+1 (412) 317 6671|
GCC is a leading supplier of cement, concrete, aggregates, and construction‐related services in the United States and Mexico, with an annual cement production capacity of 5.4 million metric tons. Founded in 1941, the Company’s shares are listed on the Mexican Stock Exchange under the ticker symbol GCC.
Forward Looking Statements
This press release may contain forward-looking statements. All statements that are not clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,” “estimate,” “intend,” “project” and similar expressions are generally intended to identify forward-looking statements. These statements are subject to risks and uncertainties including, among others, changes in macroeconomic, political, governmental or business conditions in the markets where GCC operates; changes in interest rates, inflation rates and currency exchange rates; performance of the construction industry; pricing, business strategy, and other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from the beliefs, projections, and estimates described herein. GCC assumes no obligation to update the information contained in this press release.
For further information, contact:
|GCC Investor Relations:|
+52 (614) 442 3176
+ 1 (303) 739 5943
|Daniel Wilson, Zemi Communications|
+1 (212) 689 9560
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