Cemex, S.A. de C.V. announced in early February that its had signed an agreement with Votorantim Participacoes S.A. for the sale of certain Cemex assets in the Great Lakes region of the U.S. Votorantim is acquiring the Charlevoix, Mich., and Dixon-Marquette (Illinois) cement plants, as well as certain terminals located in the Great Lakes area.

The US$389 million transaction will be structured as a sale of assets, and the closing is expected to occur before the end of the first quarter of 2005. Cemex will keep its distribution terminal in Detroit. Total production capacity of both cement plants is nearly 2 million metric tons per year and has represented about 9% of the current operating cash flow generation of Cemex's U.S. business.