Cemex sells assets in Canary Islands
Cemex has reached an agreement to sell its Canary Islands operations to Cimpor Inversiones, a Spanish investment holding company and subsidiary of Cimpor Cimentos de Portugal, for about 162 million euros (US$211 million). The proceeds will be used to reduce debt.
The transaction, which is subject to the approval of Spanish regulatory authorities, includes Cemex’s cement and ready-mix assets on the Spanish island of Tenerife and 50 percent of the shares in two joint ventures, Cementos Especiales de las Islas (CEISA) and Inprocoi. In 2007, these operations generated about 189 million euros (US$260 million) in revenues.
Cemex manages, directly and through its joint ventures, two grinding mills and 19 other plants, including ready-mix, mortar and precast facilities in the Canary Islands.
J.P. Morgan and RBS acted as financial advisors to Cemex in the transaction.
Beazer Homes names new vp and treasurer
Atlanta-based Beazer Homes has appointed Jeffrey S. Hoza as vp and treasurer. He will be responsible for all aspects of the treasury function, including management of the company’s cash and cash equivalents and managing relationships with lenders. Hoza will also be involved in Beazer’s acquisition and disposition of land assets.
Hoza joins the company from Wachovia Securities, where he served as a director in the real estate division. Prior to Wachovia, he worked at GE Capital, where he developed lending relationships with larger home builders and developers.
“We are pleased to welcome Jeff to Beazer Homes,” said Allan P. Merrill, executive vp and chief financial officer. “His depth of experience in home building and finance, gained in a wide variety of economic climates, will be extremely valuable as we manage through the current challenges in the housing market.”
KB Home and Martha Stewart to build active adult community
KB Home and Martha Stewart Living Omnimedia have announced their new project: an active adult community in La Quinta, Calif., projected to open in fall 2009. These new homes will represent KB Home’s first community built for adults 55 and over.
“Our business is based on understanding the preferences of home buyers in the market segments we serve, and the active adult market is no exception,” said Steve Ruffner, president of KB Home’s Southern California division. “Our collaboration with Martha Stewart brings something new and exciting to this market.”
The community will feature one-story ranch style homes, with a variety of floor plans, ranging in size from 1,300 square feet to 1,800 square feet. The homes will offer two to three bedrooms, two to three baths and two-car garages. The community will be gated with a clubhouse.
All of the homes will be Energy Star-qualified and engineered to heat and cool efficiently and use fewer energy resources. They will also include low-E windows and Energy Star-qualified appliances.