2023-03-21 16:54:35 ET
Vulcan Materials ( NYSE: VMC ) said Tuesday that Mexican cement company Cemex ( NYSE: CX ), aided by security forces including Mexican armed forces, illegally took possession last week of its port terminal near Playa del Carmen in southern Mexico.
Vulcan ( VMC ) said there is no contract permitting Cemex's ( CX ) use of its port facilities, and an agreement for Cemex to lease part of Vulcan's property expired at the end of 2022 without any renewal.
Cemex ( CX ) has said its actions were backed by a local court and a recent order from state prosecutors, but Vulcan ( VMC ) said a Mexican federal court has ordered Cemex to vacate the property.
Operations have been shut at the Vulcan ( VMC ) terminal since last year in a dispute with Mexican President Lopez Obrador, who accused the company of extracting materials without the proper permits.
Vulcan Materials ( VMC ) recently reported Q4 adjusted earnings of $1.08/share on revenues of $1.73B .
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Vulcan Materials says Cemex, Mexican authorities illegally seized port terminal