Summit Materials’ aquisitions from Lafarge

US-based construction materials company, 1822 Summit Materials, has concluded a US$450 million (€411.46 million) purchase of seven terminals by the Mississippi River Valley as well as a cement plant located in Davenport, Iowa.

The assets were acquired from 725 Lafarge North America.

For the acquisition, $350 million (€320 million) in cash, which Summit Materials secured via a senior note offering in July 2015, as well as other funds from its credit line expansion was used.

As part of the transaction, Summit agreed to exchange a terminal located in Bettendorf, Iowa.

The plant, which has been acquired, has a 1.2 million short tonnes capacity.