The deal secures the future of 100 staff at both its Lockerbie and Burton-upon-Trent factories, which produce a range of concrete tiles.
The tile business was bought by Russell Building Products backed by investors from Mexico who are currently seeking to expand into a number of countries across the world, including the UK and the United States.
Cemex announced this year it was seeking to dispose of all non-core assets such as Russell Roof Tiles, in order to pay down debt.
A spokesman for accountants PKF, who advised on the deal, said it would secure the future of both the Scottish and English plants.
Partner Jeff Harris said: “RBP plans to continue to invest in both locations and this will hopefully create more jobs in due course.
“This was a complex transaction that required special funding arrangements because of the planned factory improvements in Burton.
“PKF developed a close working relationship with RBP’s management team and financiers in order to agree a deal that will help the business to grow both now and in the future.”