St. Louis-Breckenridge Material Co. and Eastern Missouri Concrete have entered a partnership with CarbonCure Technologies in Halifax, N.S. The ready mixed producers will install equipment injecting carbon dioxide into concrete loads, where the gas converts to a solid mineral in the matrix and improves compressive strength development.
“Leading the market by adopting technology is part of the Breckenridge legacy,” says CEO Nathan McKean. “Technologies like CarbonCure align with where we see the marketing going in the long term while aligning with our immediate operational objectives.”
Tindall Corp. President and Chief Operating Officer Greg Force has been named chief executive officer, while Vice Chairman William Lowndes IV has transitioned to chairman of the board. Force has served as president and CEO since 2004 after joining the Spartanburg, S.C., producer in 1988. A past (2012) Precast/Prestressed Concrete Institute chairman and PCI Titan of the Industry (2014), he holds a bachelor’s degree in Civil Engineering from Lehigh University and an MBA from Georgia College and State University.
Former Chairman and CEO William Lowndes III has stepped down to focus on special projects. Over a 54-year career, he led Tindall from a six-person shop to a major player throughout the Southeast in precast/prestressed concrete production and building systems, with 1,300-plus employees at operations from Virginia to Texas. “I have full confidence that Greg and Willy will continue to lead Tindall towards a long and successful future,” he says. “Besides enjoying strong leadership, our company is pillared by the people who work hard each day to serve this organization.”
Clark Pacific in West Sacramento, Calif., has donated $200,000 to help develop the Sacramento State Civil Engineering Department concrete laboratory, which will offer generations of students hands-on experience and support primary research targeting new technologies and continuous concrete construction improvement.
A fixture in West Coast precast/prestressed concrete production and related design/build delivery, Clark Pacific has long collaborated with the Sacramento State engineering program through course presentations on prefabricated concrete systems; partnering in academic research projects; hosting plant tours; backing student teams in the national Big Beam Contest; and, hiring students for its engineering and construction management intern programs.
“Sac State is a true value for our community,” says Clark Pacific President Don Clark. “The professors and department leadership are forward thinking and provide meaningful opportunities and programs for students, industry, and the community. We have had many great employees over the years who were graduates of their program.”
“We are grateful for Clark Pacific’s gift for the Concrete Lab and its on-going support for our engineering and construction management programs,” adds Sacramento State President Robert Nelsen. “We are working to forge even greater ties between industry and academia, and we see Clark Pacific as a long-term partner in that effort.”
FORTERRA VS. HEIDELBERGCEMENT
Delaware Court of Chancery granted Forterra Inc. attorneys’ motion to dismiss a lawsuit that HeidelbergCement AG affiliates had filed over earn-out contingency fees tied to the $1.2 billion sale of the former Hanson Building Materials. Terms called for buyer Lone Star Fund IX (U.S.), L.P. to pay HeidelbergCement up to $100 million for the 67-plant business depending on fiscal 2015 EBITDA (earnings before interest, taxes, depreciation and amortization) thresholds.
The Court ruled that a) an independent accounting arbitrator appointed per the acquisition agreement has jurisdiction over the EBITDA calculation, including what information can be considered as part of such accounting; and, b) plaintiffs’ indemnification claims are barred due to a contractual statute of limitations. The ruling can be appealed, Forterra officials noted in a late-2017 Securities & Exchange Commission filing, while the earn-out calculation remains subject to arbitrator analysis of the producer’s 2015 financials.
Dallas-based Lone Star Fund IX adopted the Forterra identity in late 2015 and closed nearly $1 billion in bolt-on transactions ahead of an October 2016 initial public offering.