Cemex reached an agreement to sell its Odessa, Texas, cement plant, and two cement terminals and building materials businesses in El Paso, Texas, and Las Cruces, N.M., to Grupo Cementos de Chihuahua (GCC) for $306 million. Absent from the deal is the Cemex Colorado assets – Lyons mill, Florence terminal – that were outlined in an initial announcement in May, when the asset sales were expected to be worth $400 million.

The company said it expects to finalize the transaction before the end of 2016 after seeking approval from U.S. competition authorities and GCC shareholders.

Cemex is aiming to sell assets worth up to $2 billion, up from a previous goal of $1 billion to $1.5 billion, as it tries to cut total debt by $3 billion to $3.5 billion during the next two years.

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