2023-03-28 08:56:58 ET
Cemex ( NYSE: CX ) has reached a temporary deal to use Vulcan Materials' ( NYSE: VMC ) port facilities at Playa del Carmen in Mexico, but the companies are still working on a long-term agreement, Bloomberg reported Tuesday.
Vulcan ( VMC ) has said it been denied access to the facilities since Cemex ( CX ) employees entered earlier this month, aided by security forces including Mexican marines in uniform, a seizure that drew criticism from several U.S. senators.
Operations at Vulcan's ( VMC ) nearby quarry have been shut for months in a dispute with Mexican President Lopez Obrador, who accused the company of extracting materials without proper permits; he reiterated his criticism last week .
Cemex ( CX ) "is not a top-notch operator, but it is still well-placed to benefit from a multiyear up-cycle in cement," Stephen Simpson writes in an analysis published on Seeking Alpha .
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Cemex, Vulcan Material reach temporary deal for seized port - report