How good an investment is ready-mixed concrete? U.S. Concrete's formation coincides with both strong pricing and construction markets. Another indicator of the viability of ready-mixed production assets within public company portfolios emerges when sampling recent developments among Big Board aggregate players:

* APAC Inc., Atlanta. During the past two years, this traditionally rock and asphalt-driven division of Ashland Inc. has extended its ready-mix production to coastal Carolina markets. Five new or acquired plants are in addition to established Georgia, Tennesee and Mississippi ready-mix operations.

* Hanson Building Materials America, Neptune, N.J. Already a major ready-mix player in northern California and eastern Washington, the company has kept the ready-mix operations of San Diego's H.G. Fenton and Nelson & Sloan, both acquired in 1998. Although closely aligned with sister materials businesses, the companies are not far from Los Angeles, a market from which Hanson withdrew in 1996 as a ready-mix player.

* Marietta Materials, Raleigh, N.C. Predecessor company American Marietta was the poster child of a 1960s Federal Trade Commission campaign to quell "forward" integration by cement interests, and was ordered to divest much of its concrete empire. With current acquisitions including markets west of the Mississippi, Marietta once again finds itself in concrete. It has maintained nine ready-mix operations of two companies acquired since early 1998: Redland Stone Products, San Antonio, Texas, and Mid States Construction Materials, Little Rock, Ark. A Marietta spokesman notes that the plants are the first concrete operations since the 1960s the company has held onto for any significant period.

* U.S. Aggregates. Based in San Mateo, Calif., it effected an August 1999 initial public offering and trades AGA on the New York Stock Exchange. Its portfolio is weighted in aggregates, but the company does have ready-mix operations in Utah (Monroc Inc.) and Alabama (SRM Inc.). Management notes that is has "focused on the acquisition and development of aggregate production sites and companies that are well positioned to served growing markets." In contrast to U.S. Concrete, which was formed upon IPO, U.S. Aggregates was assembled by private investors, beginning in 1994.

* Vulcan Materials, Birmingham, Ala. The industry's top gun has maintained the Phoenix and southern California ready-mix operations of Cal-Mat Co., which it acquired in 1998. A small player in ready-mix before the deals, Vulcan now has 2 million+ yd. annual production.