Dallas-based Eagle Materials Inc. has sold its Mathews Readymix and Western Aggregates operations in northern California to Sacramento producer and contractor Teichert Inc. The Mathews assets include three batch plant locations and 26 trucks; Western Aggregates’ vested-rights-to-mine cover 3,900 acres and span reserves of 900 million-plus tons. The $93.5 million deal anticipates Eagle Materials’ split into two public companies—a cement-centric namesake and wallboard-centered American Gypsum—originally scheduled for the second half of 2020, but subject to a revised timetable based on recent investor guidance.
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PRODUCERS – MARCH 2020
Eagle Materials Inc. directors have taken a key step toward mid-year separation of cement- and gypsum wallboard-centered Heavy and Light Materials businesses into independent, New York Stock Exchange-traded companies, both Dallas based. Leading the Heavy Materials namesake will be current Chairman Mike Nicolais and President and Chief Executive Officer Michael Haack. Leading the Light Materials business, operating as American Gypsum Company, will be Chairman Dave Powers, former Eagle Materials CEO and current director, and President and CEO Craig Kesler, current chief financial officer.
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