Eagle Materials Inc announced it has sold its Western Aggregates and Mathews Ready Mix operations for US$93.5m to Teichert, a California-based construction company.
Western Aggregates vested-rights-to-mine covers 3900 acres and includes over 900Mt of aggregates. Mathews Ready Mix assets include three concrete batch plant locations and 26 trucks.
Michael Haack, Eagle Materials president and CEO, said: “This transaction represents the sale of non-core assets on the heavy-side of our company. In using the term ‘non-core’ I mean that they do not provide essential support to our primary cement plant network. We are especially keen on having the most strategically coherent set of heavy-side assets established in advance of our previously announced spin-off. These divestitures along with the integration of the Kosmos cement plant acquisition, create a focussed heavy materials business with a broad capability to serve US heartland cement markets.”
