Independent UK building materials company, Breedon Group, is to acquire Lagan Group, a construction materials business based in Belfast. Breedon will pay £455 on a cash- and debt-free basis.
Lagan Group operates a cement plant in Kinnegad, as well as nine active quarries, 13 asphalt plants, and nine ready-mixed concrete plants. Last year, it generated revenues of £249 million and earnings of £46 million.
The deal is Breedon Group’s largest acquisition to date and “represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion,” said Pat Ward, Breedon Group’s Chief Executive.
“It significantly strengthens our cement offer, adds to our mineral and downstream resources, brings us a bitumen import/export business, and adds real weight to our contract surfacing operations,” Ward continued.
Following the acquisition, Breedon Group will employ nearly 3000 people and have around 870 million t of mineral reserves and resources. It will also operate two cement plants: Lagan’s plant in Kennegad, Republic of Ireland, and the Hope cement plant in Derbyshire, UK.
In addition, the company will operate around 70 quarriers, 40 asphalt plants, 200 ready-mixed concrete and mortar plants, nine concrete and clay products plants, four surface contracting business, six import/export terminals, and two slate production facilities.
Read the article online at: https://www.worldcement.com/europe-cis/17042018/breedon-group-acquires-lagan-group/