Breedon Group Plc is pleased to announce that it has agreed the disposal of certain assets to Tillicoultry Quarries Ltd for GBP12.2m on a cash and debt-free basis.
The 14 sites to be divested include 10 ready-mixed concrete plants and an asphalt plant and associated aggregates depot in England, and two quarries and a cement terminal in Leith, Scotland. The earnings of the assets being disposed of are not material to the Breedon Group.
Breedon is divesting these assets at the direction of the Competition and Markets Authority (CMA) to address the CMA’s concerns that Breedon’s purchase of certain assets from Cemex Investments Ltd (Cemex UK) gives rise to a realistic prospect of a substantial lessening of competition in certain areas.
Commenting on today's announcement Pat Ward, Breedon's Group CEO, said: "We are very pleased with the outcome of this process and believe it is in the interests of all stakeholders.
“It allows Breedon to realise fair value for the assets disposed of which, together with the people employed in them, will be in good hands under new ownership of Tillicoultry Quarries.”
