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Summit signs agreement to acquire Lafarge cement plant, terminals

By |  April 21, 2015

Summit Materials signed a definitive agreement with Lafarge North America to acquire Lafarge NA’s 1.2 million short-ton capacity cement plant in Davenport, Iowa, as well as seven cement distribution terminals for $450 million, reports Yahoo Finance.

According to Yahoo, the Davenport assets will be integrated into Summit’s Continental Cement Co. in Chesterfield, Mo. With the addition of the Lafarge assets, Summit will have 2.45 million short tons of cement capacity across two plants in Hannibal, Mo., and Davenport, along with eight other cement distribution terminals.

“The Davenport Assets are an excellent fit with our materials-based growth strategy and a continuation of Summit’s proven track record of value-added acquisitions,” says Summit CEO Tom Hill. “The combination of the Davenport Assets and Continental Cement creates a strategically compelling and complementary multi-plant cement business in very attractive markets along the Mississippi.”

The transaction is expected to close July 2015, and the purchase price is expected to be funding by a combination of debt and equity, says Yahoo.

Allison Kral

About the Author:

Allison Kral is the former senior digital media manager for North Coast Media (NCM). She completed her undergraduate degree at Ohio University where she received a Bachelor of Science in magazine journalism from the E.W. Scripps School of Journalism. She works across a number of digital platforms, which include creating e-newsletters, writing articles and posting across social media sites. She also creates content for NCM's Portable Plants magazine, GPS World magazine and Geospatial Solutions. Her understanding of the ever-changing digital media world allows her to quickly grasp what a target audience desires and create content that is appealing and relevant for any client across any platform.

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