U.S. Concrete Exits Tennessee

U.S. Concrete Inc., Houston, announced last month sale of its Memphis operations-consisting of Carrier Concrete and City Concrete plants acquired in 1999

CP STAFF

U.S. Concrete Inc., Houston, announced last month sale of its Memphis operations-consisting of Carrier Concrete and City Concrete plants acquired in 1999 and 2005-in a $7.2 million transaction with Memphis Ready Mix. The plants logged sales of $24.4 million in 2006, dipping nearly 40 percent in 2007 to $14.5 million. Both years saw small pre-tax losses.

The deal follows a late-2007 sale of U.S. Concrete’s Knoxville, Tenn., ready mixed business to Oldcastle Materials. [Memphis] represents another step in our strategy of exiting markets that do not meet our performance and return criteria nor fit our strategic objectives, says U.S. Concrete CEO Michael Harlan.