Denver-based Summit Materials Inc. has appointed Tamla Oates-Forney as an independent director and member of the board’s Human Capital and Compensation Committee. The concrete, cement and aggregate producer’s board now comprises nine members. “Tamla brings a wealth of expertise in human capital management that will be a strategic asset to the Company. She is an accomplished global Human Resources Executive…Read More
A White House 2021 regulatory update, coupled with a U.S. Senate vote on a Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act amendment, illustrate administrative and legislative branch underpinnings for one of the most contentious statutes affecting construction: the Davis-Bacon and Related Acts (Davis-Bacon or DBRA). Among U.S. Department of Labor responses to a White House executive order is a…Read More
HeidelbergCement AG of Germany ranks 37 among 100 Sustainably Managed Companies that the Wall Street Journal recognized in its mid-October edition. The concrete, aggregate and cement giant scores 73.2 overall on a list where such scores range from 78.8 (#1 Sony) to 71.1 (#100 International Paper). HeidelbergCement ranks in upper and lower quartiles in the list’s four categories: Environment (#8),…Read More
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.Read More
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.”Read More
The Federal Trade Commission has outlined terms of the final regulatory clearance hovering the proposed merger of Lehigh Hanson Inc. and Essroc Cement Corp. parents HeidelbergCement AG and Italcementi S.p.A. A June 17 consent agreement calls for the sale of a) Essroc’s 2-million ton/year Martinsburg, W.V., mill plus seven Maryland, Pennsylvania and Virginia terminals; and, b) Lehigh’s Solvay, N.Y., terminal. A suitor will also have a purchase option for two Essroc terminals in Ohio.Read More
Sources: HeidelbergCement AG, Heidelberg, Germany; CP staff
Advancing a proposed merger with mid-year target, HeidelbergCement Chairman Dr. Bernd Scheifele announced plans to restructure Italcementi S.p.A. operations, principally at its Bergamo, Italy, headquarters and affecting upward of 400 employees through 2020; consolidate global technical activities at Italcementi’s i.Lab Research & Innovation Centre, a Bergamo facility opened in 2013; and, maintain the Italcementi brand plus homebased plants and industrial network.Read More
Three developments tracked since January stand out at year’s end: 1) overall concrete shipments did not pace projected level; 2) among global operators, the annual revenue bar for cement, aggregate and ready mixed concrete shipments is moving from the $10 billion–$15 billion to $15 billion–$20 billion range, with the top players deriving about 20–25 percent of sales in North America; and, 3) U.S. and Canadian wood interests’ multi-story building market pursuits are reverberating among ready mixed and manufactured-concrete producers.Read More
Last month’s merger forming LafargeHolcim Ltd. expedited transfer of more than $1 billion in cement, concrete and aggregate production and distribution assets in the U.S. and Canada. The Federal Trade Commission justified a decision and order on the sale of those properties per Section 7 of the Clayton Act, a century-old law augmenting the Sherman Act of 1890. It prohibits mergers if “in any line of commerce or in any activity affecting commerce in any section of the country, the effect of such acquisition may be substantially to lessen competition, or to tend to create a monopoly,” FTC notes.
Germany’s HeidelbergCement AG projects a first quarter closing on the $1.4 billion sale of Hanson Building Products operations in the U.S., Eastern Canada and United Kingdom to an affiliate of Lone Star Funds, a real estate investment-centered private equity firm with Dallas, New York and Frankfurt offices. A definitive agreement on the transaction, announced late last year, superseded a Hanson Building Products Ltd. public offering HeidelbergCement had outlined three months prior in a U.S. Securities & Exchange Commission filing.