Sources: HeidelbergCement Group, Germany; Cemex S.A.B. de C.V., Monterrey, Mexico; CP staff
HeidelbergCement anticipates a second quarter closing on a $150 million transaction adding the Pacific Northwest business of Cemex USA—seven quarries plus five ready mixed concrete and two asphalt plants—to Cadman Materials Inc. The latter is part of HeidelbergCement’s North American business, Lehigh Hanson, and a major ready mixed concrete and aggregates supplier in the Seattle market.
“The operations are an ideal strategic fit in order to broaden our vertically integrated market position in the states of Washington and Oregon,” says HeidelbergCement Chairman Dr. Bernd Scheifele. “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.A.B. de C.V. inherited the Pacific Northwest business as part of its Rinker Materials acquisition in 2007. Consistent with recent sales of Cemex USA assets, primarily above the Sun Belt states, the company will use proceeds from the Oregon and Washington deal for debt reduction.