Summit Materials CEO succession plan mints industry’s top female executive

Sources: Sources: Summit Materials, Inc., Denver; CP staff 

Nearly 11 years after founding Summit Materials, Thomas W. Hill has announced his retirement as president, chief executive officer and director, effective September 1, after which he will assume a senior advisor role for the remainder of the year and serve in a consulting capacity through July 2023. His successor in the C-suite and on the Summit board is Anne Noonan, who will arrive with 30-plus years’ of senior leadership experience at publicly traded companies and become the highest ranking female among major North American cement, aggregate and concrete producers.

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PRODUCERS – JULY 2019

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Karl Watson Jr. has moved from executive vice president and chief operating officer at Summit Materials, Denver, to chief executive officer and board member of Forterra Inc., a top concrete pipe and precast drainage structure producer based in Irving, Texas. Succeeding Jeff Bradley, he arrives with 30-plus years in management and executive roles at major heavy building materials operators and, Forterra notes, “a track record of effectively leading through numerous business cycles and improving financial results.”

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K. Watson Jr. shifts from Summit COO to Forterra CEO

Sources: Forterra Inc., Irving, Texas; CP staff

Karl Watson Jr. has transitioned from executive vice president and chief operating officer of Denver-based Summit Materials to chief executive officer and board member of Forterra Inc., a top concrete pipe and precast drainage structure producer. He arrives with 30-plus years in management and executive roles at major heavy building materials operators and, Forterra notes, “a track record of effectively leading through numerous business cycles and improving financial results.”

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PRODUCERS – SEPTEMBER 2018

LafargeHolcim has closed on the assets of Metro Mix LLC, a ready mixed producer with Denver and Castle Rock, Colo., plants and a payroll of 50. Metro Mix reported 2017 sales upward of $30 million and serves a fast growing market where construction is projected to remain strong thanks to large jobs and population growth.

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Summit Materials enters lightweight aggregate through Buildex

Sources: Summit Materials Inc., Denver; CP staff

Summit Materials recently closed on Buildex Inc., Ottawa, Kan.-based proprietor of the Haydite brand of expanded shale lightweight aggregate. One of four businesses added during second quarter transactions totaling $75 million, Buildex spans two plants and 750,000 cubic yards’ capacity, and is strategic to sister cement, ready mixed, aggregate and asphalt operations in Great Plains and Intermountain states. Companion June-July deals brought Summit quarry and asphalt production assets in Olathe, Kan., plus Virginia and Texas aggregates producers Buckingham Slate and XIT. 

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PRODUCERS – JUNE 2018

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Denver-based Summit Materials recently closed bolt-on transactions for Day Concrete of Ardmore, Okla., and Superior Ready-Mix of Somerset, Ky. The producers are strategic to platform businesses, RK Hall Construction and Hinkle Contracting, serving the respective market areas of north Texas, Oklahoma and Arkansas, plus Kentucky.

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GCC, Martin Marietta, Summit deals clear CRH path to Ash Grove closing

Sources: U.S. Federal Trade Commission; CP staff

CRH Americas will consummate a $3.5 billion acquisition of Ash Grove Cement Co. by month’s end following a June 14 settlement resolving Federal Trade Commission charges that the deal violates antitrust law. Terms call for the Oldcastle Inc. parent company to sell a Three Forks, Mont., cement plant and quarry to GCC Americas; three Omaha, Neb., area sand & gravel sites to Martin Marietta Materials; plus, three quarries and two asphalt plants near Kansas City to Summit Materials. The settlement also contains two three-year provisions: It grants GCC an option to use two Three Forks-fed CRH terminals in Alberta; and, holds that CRH, at GCC’s option, will purchase cement from the mill for distribution in Canada.

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Summit Materials closes on Day Concrete, Superior RM

Sources: Summit Materials Inc., Denver; CP staff

In a review of first quarter financials reflecting weather-hampered aggregates, cement and concrete shipments, Summit Materials notes the recent closing of two bolt-on transactions consummated in April: Day Concrete of Ardmore, Okla., and Superior Ready-Mix of Somerset, Ky. The producers are strategic to platform businesses, RK Hall Construction and Hinkle Contracting, serving the respective market areas of north Texas, Oklahoma and Arkansas, plus Kentucky. 

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PRODUCERS – APRIL 2018

Five Cemex USA ready mixed plants in the San Francisco Bay Area have earned Concrete Sustainability Council (CSC) responsible sourcing certification following an audit of environmental, social, and governance practices by SGS, an independent, third-party registrar.

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