Sources: Eagle Materials, Dallas; CP staff
Eagle Materials has sold its Mathews Readymix and Western Aggregates operations in northern California to Sacramento-based 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.
Read MoreSources: Eagle Materials Inc., Dallas; CP staff
Eagle Materials directors have taken a key step toward the mid-year separation of the cement- and gypsum wallboard-centered Heavy and Light Materials businesses into independent, New York Stock Exchange-traded companies. Leading the Heavy Materials business, operating as Eagle Materials, will be current Chairman Mike Nicolais and President and Chief Executive Officer Michael Haack. The Light Materials business, operating as American Gypsum Company, will be led by Chairman Dave Powers, former Eagle Materials CEO and current director, and President and CEO Craig Kesler, current chief financial officer.
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Barco Investment Group has acquired Construction Technology Laboratories, Inc. (CTLGroup), the for-profit Portland Cement Association subsidiary, along with the Skokie, Ill., campus that has served as PCA headquarters since 1968. CTLGroup began as the group’s research and development arm in 1916, and was designated an independent engineering, research, and laboratory consulting firm in 1987.
Read MoreSources: Cemex S.A.B. de C.V., Monterrey, Mexico; Eagle Materials Inc., Dallas; CP staff
The latest measure narrowing the Cemex USA portfolio to concrete, aggregate and cement operations in coastal or southern border states will see an asset sale involving Kentucky’s Kosmos Cement Co., seven distribution terminals plus raw material reserves to Dallas-based Eagle Materials Inc. As a 75/25 partner with Buzzi Unicem S.p.A. in Kosmos Cement, whose Louisville flagship has a 1.7-million ton/year capacity, Cemex will realize an estimated $499 million from the transaction.
Read MorePointed exchanges between Eagle Materials management and a major shareholder culminated late last month with a proposed split of the Dallas producer’s Light and Heavy Materials businesses. The latter encompasses Fairborn Cement Co., Illinois Cement Co., Central Plains Cement Co., Mountain Cement Co., Nevada Cement Co., and Texas-Lehigh Cement; GGBF slag cement processor and supplier Skyway Cement; plus, integrated concrete and aggregates operations in Texas, Kansas City and northern California.
Read MoreSources: Eagle Materials Inc., Dallas; CP staff
A strategic portfolio review initiated in early April has spawned a board-approved plan to separate Eagle Materials’ principal businesses, portland cement and wallboard production, into independent, publicly traded corporations. The proposed separation is scheduled for completion during the first half of 2020, and will entail a tax-free spin-off of stock in Heavy Materials and Light Materials entities to Eagle shareholders.
Read MoreSources: Sachem Head Capital Management LP, New York; CP staff
An investment manager holding just under 9 percent of Eagle Materials common stock, Sachem Head LP, is encouraging shareholders to support two director nominees toward the Dallas-based cement, aggregate, concrete and wallboard producer’s early-August annual meeting. Board representation would enable the firm to act on concerns principals have raised over investor confidence in Eagle Materials’ asset mix.
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Oldcastle Infrastructure, Atlanta, has grown a market footprint established through one of its inaugural businesses, Utility Vault, by acquiring Quality Concrete Products of Mukilteo, Wash. The producer serves the greater Seattle market with manhole, catch basin and companion drainage structure offerings. They complement output from Oldcastle Infrastructure plants in Auburn and Spokane, Wash., and expand a customer base in the Puget Sound region, a key growth area.
Read MoreSources: Eagle Materials Inc., Dallas, Texas; CP staff
Eagle Materials President and Chief Operating Officer Michael Haack will succeed Chief Executive Officer Dave Powers, who will retire July 1 but remain on the board of directors. The move culminates a multiyear succession plan and set of transition preparedness steps the board undertook over the last four years.
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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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