HeidelbergCement announced that its US subsidiary Cadman Materials Inc. has entered into an agreement with a US subsidiary of CEMEX, S.A.B. de C.V. (Cemex) to buy Cemex’s Pacific Northwest Materials Business consisting of aggregate, asphalt and ready mix concrete operations in Oregon and Washington. The purchase price for the assets totals US$150 million. The transaction is subject to final approval by regulators, and is expected during 2Q17.
“The operations are an ideal strategic fit in order to broaden our vertically integrated market position in the states of Washington and Oregon” explains Dr. Bernd Scheifele, Chairman of the Managing Board of HeidelbergCement. “This is a bolt-on acquisition with low risks and we are expecting significant synergies. It is part of our strategy of disciplined growth and increasing shareholder returns.”
Cemex’s Pacific Northwest Materials Business includes seven aggregate quarries, five ready mix concrete plants and two asphalt operations. LehighHanson will fully integrate all the operations into its current network thereby broadening its position in the Pacific Northwest area.
Read the article online at: https://www.worldcement.com/the-americas/19042017/heidelbergcement-to-purchase-cemexs-pacific-northwest-materials-business/