Cemex in talks with Ready Mix USA to expand venture

MEXICO CITY, Nov 13 (Reuters) - The U.S. subsidiary of Mexico's Cemex, the world's top building materials company by revenue, said on Tuesday it is in talks with partner Ready Mix USA to expand a strategic alliance in pre-mix concrete.

Cemex (CX.N: Quote, Profile, Research, Stock Buzz)(CMXCPO.MX: Quote, Profile, Research, Stock Buzz) is hoping to add assets worth $150 million to the venture and sell to the joint venture other assets worth $227 million. Ready Mix USA would add $150 million in cash to the alliance.

After finalizing the transaction, Ready Mix USA would own 50.01 percent of the alliance, while Cemex would hold the remaining 49.99 percent.

Cemex and Ready Mix USA, a concrete company with operations in the southeastern United States, first entered into the strategic alliance in July 2005.

The expansion of the venture, Cemex said, was subject to a definitive accord between both parties and regulatory approval. (Reporting by Chris Aspin; editing by Andre Grenon)