HeidelbergCement’s US subsidiary, Cadman Materials, a LehighHanson company, has entered into an agreement with a US. subsidiary of Cemex to buy Cemex’s Pacific Northwest Materials Business consisting of aggregate, asphalt and ready mix concrete operations in the states of Oregon and Washington. The purchase price for the assets amounts to about US$150 million (€141 million). Closing of the transaction, which is subject to final approval by regulators, is expected during the second quarter of 2017 or soon
HeidelbergCement’s US subsidiary, Cadman Materials, a LehighHanson company, has entered into an agreement with a US. subsidiary of Cemex to buy Cemex’s Pacific Northwest Materials Business consisting of aggregate, asphalt and ready mix concrete operations in the states of Oregon and Washington.
The purchase price for the assets amounts to about US$150 million (€141 million). Closing of the transaction, which is subject to final approval by regulators, is expected during the second quarter of 2017 or soon thereafter.
“The operations are an ideal strategic fit in order to broaden our vertically integrated market position in the states of Washington and Oregon,” says 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 employing about 350 employees.
LehighHanson will fully integrate all the operations into its current network thereby broadening its position in the Pacific north-west area.
Cemex says the proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes.
