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Summit Materials enlists K. Watson Jr. for EVP, COO post

Sources: Summit Materials Inc., Denver; CP staff

Cemex USA and Rinker Materials veteran Karl Watson Jr. has joined Summit Materials as executive vice president and chief operating officer, succeeding Douglas Rauh. He arrives at the ready mixed, cement, aggregates and asphalt producer with 25-plus years in construction materials, most recently serving as president of Martin Marietta Materials’ Cement & Southwest Ready Mix business.

Read more: Summit Materials enlists K. Watson Jr. for EVP, COO post

Commercial Metals to acquire 37 Gerdau rebar shops, mills for $600M

Sources: Commercial Metals Co., Irving, Texas; CP staff

On the heels of two nine-figure investments in concrete reinforcement milling capacity, Commercial Metals has agreed to acquire 33 rebar facilities plus steel mills in California, Florida, New Jersey and Tennessee from Gerdau S.A.

Read more: Commercial Metals to acquire 37 Gerdau rebar shops, mills for $600M

HeidelbergCement: U.S. tax reform a plus after $240M charge for 2017

Sources: HeidelbergCement AG, Germany; CP staff

Lehigh Hanson parent company HeidelbergCement estimates a €200 million ($240 million) charge against net 2017 profit due to accounting measures stemming from the Tax Cuts and Jobs Act —the sweeping tax reform President Donald Trump signed into law late last year. The law reduces the federal corporate tax rate from 35 percent to 21 percent, but requires companies like HeidelbergCement to recalculate loss carried-forwards and deferred tax assets on losses in their consolidated 2017 financial statements. The one-time action will not impact earnings before tax or cash flow in 2017, HeidelbergCement notes, adding that the new U.S. tax rate will positively affect group net profit and cash flow beginning in 2019.

Read more: HeidelbergCement: U.S. tax reform a plus after $240M charge for 2017

Feds lighten Vulcan-bound Aggregates USA asset haul

Sources: CP staff; Vulcan Materials Co., Birmingham, Ala.; U.S. Department of Justice

Vulcan Materials closed its planned $900 million acquisition of 36-site Aggregates USA on the final business day of 2017, along with a companion $290 million transaction through investor Blue Water Industries. The latter involves the sale of 17 Tennessee and Virginia quarries and yards, and abides a Department of Justice Antitrust Division settlement addressing coarse-aggregate production overlap between Vulcan and Aggregates USA in southwest Virginia, plus the Knoxville and Tri-Cities, Tenn., markets. Vulcan will assimilate the remainder of the portfolio—three Georgia quarries and 16 rail distribution yards in Georgia, Florida and South Carolina—into its Southeast platform.

Read more: Feds lighten Vulcan-bound Aggregates USA asset haul

Houston area plant shows Sika’s Texas-sized market ambitions

Sources: Sika Corp., Lyndhurst, N.J.; CP staff

Sika has wrapped up the 2017 by dedicating an admixture and mortar production facility near Houston. Geared to Texas and Southwest markets, the plant is the company’s 22nd in the U.S. and equipped for production of polymers central to high performance admixtures.

Read more: Houston area plant shows Sika’s Texas-sized market ambitions