A string of quarries and other facilities in Scotland will change hands under Breedon Group’s £178m acquisition of 100 assets and operations owned by CEMEX UK. Seven quarries, eight ready-mixed sites and a number of asphalt plants north of the border are included in the package.
Pat Ward, Breedon’s group chief executive, commented: “This is a unique opportunity to extend our national network through a single value-enhancing transaction, substantially increasing our footprint in several regions of Great Britain where we are currently under-represented and adding approximately 170 million tonnes of mineral reserves and resources.”
The two companies have entered into a conditional agreement for the sale on a cash and debt-free basis of 49 ready-mixed plants, 28 aggregate quarries, four depots, one cement terminal, 14 asphalt plants and four concrete products operations.
In the year to December 31, CEMEX’s UK assets generated revenue of £178m and its mineral reserves and resources are sufficient for 27 years at current extraction rates.
Part of CEMEX’s Paving Solutions UK business and some inactive sites are also included in the sale but the company said it will retain a “substantial” integrated business in the UK. Completion of the deal is expected in the second quarter.
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©Scottish Plant. Article posted 9/1/2020