VMC - Vulcan Materials says CEMEX forcibly using its port facilities
2023-03-21 17:13:53 ET
- Vulcan Materials ( NYSE: VMC ) said Tuesday that CEMEX ( CX ), aided by armed Mexican police and military, forcibly entered its port facilities near Playa del Carmen on March 14 to use its port facilities.
- The companies had an agreement for CEMEX to lease a portion of Vulcan's property, which expired on December 31, 2022, without any renewal, Vulcan said.
- Prior to the expiration, CEMEX was formally made aware that negotiation of a new contract would be necessary. Vulcan said it has been and remains open to renegotiating the lease agreement.
- "On March 14 and to this day, CEMEX, the military and the police have not presented any court order, warrant or other legal justification for their forceful entry and occupation of Vulcan's property. Contrary to CEMEX's position, a Mexican federal court ordered CEMEX to vacate the property, and another Mexican federal court order requires military and police forces to leave the property immediately," the company said in a statement.
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Vulcan Materials says CEMEX "forcibly" using its port facilities