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Eagle Materials sells ‘non-core’ assets

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World Cement,

Eagle Materials Inc has announced that the company has sold its Western Aggregates and Mathews Readymix operations for US$93.5 million to Teichert, a California-based construction company. Western Aggregates vested-rights-to-mine covers 3900 acres and includes over 900 million t of aggregates. Mathews Ready Mix assets include three concrete batch plant locations and 26 trucks.

Michael Haack, Eagle Materials President and Chief Executive Officer, commented, “This transaction represents the sale of non-core assets on the heavy-side of our company. In using the term ‘non-core’ I mean that they do not provide essential support to our primary cement plant network. We are especially keen on having the most strategically coherent set of heavy-side assets established in advance of our previously announced spin-off. These divestitures along with the integration of the Kosmos cement plant acquisition, create a focused heavy materials business with a broad capability to serve US heartland cement markets.”

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