Cemex finalizes acquisition of Ready Mix USA

MEXICO CITY Fri Aug 12, 2011 7:38pm EDT

MEXICO CITY Aug 12 (Reuters) - Mexico's Cemex, the world's No. 3 cement maker (CMXCPO.MX)(CX.N), said on Friday it assumed control of Ready Mix USA and fulfilled a year-old acquisition plan.

The purchase price for Ready Mix is roughly $350 million, Cemex said, and in line with the price it announced last October.

Cemex and Ready Mix began their partnership in 2005 and had shared assets in the American Southeast.

When the deal was first announced, Cemex already owned two U.S. cement plants under the joint venture and promised to buy sand and gravel pits and concrete plants from Ready Mix USA, increasing its operations in the Arkansas, Mississippi, Tennessee, Alabama, Georgia and Florida. (Reporting by Patrick Rucker; editing by Andre Grenon)

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