Summit Materials Acquires Major Stake in Continental

Summit Materials, a heavy building materials company, has announced a majority investment in Continental Cement Company in the United States. Continental’s new cement plant and waste processing facilities are located in Hannibal, Missouri, 100 miles north of St Louis. With distribution terminals in St Louis, Missouri, and Bettendorf, Iowa, Continental supplies cement to customers in Missouri, Iowa and Illinois.

The company has been manufacturing cement at the Hannibal plant since 1903. Its strategic location on the Mississippi River complements Summit’s growing heavy materials business in the Midwest. Summit Materials was formed in 2009 to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions. It was founded by its CEO Tom Hill and a group of investors that include members of the management team, Blackstone Capital Partners, Silverhawk Capital Partners and Charles ‘Chip’ Goodyear, former CEO of BHP Billiton. Tom Hill is the former CEO of Oldcastle Inc., the US division of CRH, plc.

Read the article online at: https://www.worldcement.com/the-americas/04062010/summit_materials_acquires_major_stake_in_continental/