Hanson UK, part of the HeidelbergCement Group, is set to take full ownership of Midland Quarry Products Limited (MQP), an asphalt and quarrying business based in Leicestershire. Hanson already owns 50% of the business and is exercising its contractual pre-emption right to acquire the remainder from Tarmac Limited.
In November, Tarmac, now part of Lafarge Tarmac, announced plans to sell its stake in MQP to Hope Valley Holdings. The sale was required by the Competition Commission to provide clearance for the formation of the JV with Lafarge, but was always subject to MQP’s Articles of Association, which gave Hanson the right to first refusal by matching the price agreed with the proposed buyer.
Hanson UK CEO, Patrick O’Shea, said: “We are taking this opportunity to assume full ownership of MQP. It is a strong and well run business with good people and good assets and is well placed to benefit from an upturn in construction activity. We plan to develop and grow the business and maintain and build on its high levels of product quality and customer service.”
MQP was formed in 1997 as a JV between Hanson and Tarmac and operates one rail-linked quarry and five asphalt plants. It employs 140 people directly, and a further 120 indirectly. O’Shea said the company would retain its identity and continue to be run independently: “The message to employees and customers is that it will be business as usual.”
Adapted from press release by Katherine Guenioui.
Read the article online at: https://www.worldcement.com/europe-cis/25032013/hanson_purchases_remaining_shares_in_mqp_931/