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Cemex Statement Regarding Marine Terminal in Quintana Roo, Mexico
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Cemex has a longstanding agreement with Calica, a subsidiary of Vulcan Materials, to utilize a marine terminal in Playa del Carmen for cement transport. However, since late 2022, Cemex faced access issues to the terminal. Following unsuccessful negotiations, Cemex filed a lawsuit that resulted in a local court granting injunctive relief for access to the terminal. Despite Calica's non-compliance, Cemex secured further legal relief from Quintana Roo’s authorities. On March 14, 2023, the authorities enforced this relief, allowing Cemex to resume operations at the terminal.
Positive
Legal rulings granted Cemex access to the terminal.
Cemex can resume operations while legal proceedings are ongoing.
Negative
Access issues to the terminal began in late 2022.
The ongoing legal dispute with Calica could lead to potential operational interruptions.
MONTERREY, Mexico--(BUSINESS WIRE)--
Cemex has an existing contractual relationship with Calica, a Mexican subsidiary of Vulcan Materials, for the use of a marine terminal located in Playa del Carmen, Quintana Roo. This private agreement between both companies began more than 20 years ago, and since then, Cemex has continuously used the terminal to transport cement products.
Since late 2022, Cemex has had difficulties accessing the terminal and facilities where Cemex’s assets and products are located.
After months of negotiations and failure to reach agreement with Calica, Cemex filed a lawsuit before a local Civil Court, which granted injunctive relief granting CEMEX access to the terminal and allowing Cemex to continue its operations while the legal proceeding is pending.
Calica disregarded the injunctive order by the judge allowing Cemex to access the facility. As a result, Cemex sought and obtained further relief from Calica’s contempt of a court order. As part of the proceedings, the Quintana Roo State Prosecutor's Office granted Cemex injunctive relief and a legal warrant to access the property and continue operating. In both cases, all parties were officially notified of the injunctive relief and warrant.
In light of these rulings and the applicable law, on March 14, the competent authorities enforced the relief and warrant to allow Cemex to reenter the property and reestablish its operations at the terminal.
CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.
