Reports suggest that the owners of Texas Industries Inc. (TXI) are exploring the possibility of selling the business. Though nothing has been confirmed, Bloomberg is reporting that two investors which, combined, own more than 51% of the company, have been looking to sell their stakes for some time. Speculation that TXI competitors may be interested in purchasing the stakes have received no comment, though Bloomberg is suggesting that Vulcan Materials Co. or Holcim may be potential ‘suitors’.
In the most recent quarterly report TXI reported that EBITDA increased by US$23.7 million on US$58.6 million higher net sales, reflecting the improvement in the US market. Mel Brekhus, CEO, said: “It is satisfying to start reaping the benefits from our recent strategic activities. So far, the start-up of our new kiln in central Texas has been the most successful of any I have been involved with in my career and we are realising the benefits we expected from the expansion of our vertical integration footprint last spring. We continue to focus on doing everything we can to fully participate in the market recoveries under way, including accelerating the resumption of production from the first kiln in central Texas early next calendar year.”
Edited from various sources by Katherine Guenioui