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Name | Symbol | Market | Type |
---|---|---|---|
iShares Core US Aggregate Bond | AMEX:AGG | AMEX | Exchange Traded Fund |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.29 | 0.29% | 101.50 | 101.56 | 101.325 | 101.41 | 4,750,427 | 21:21:07 |
RNS Number:1652S Aggregate Industries PLC 18 November 2003 Embargoed until 7:00am, Tuesday, 18 November 2003 Aggregate Industries plc Major Acquisition in Nevada USA Aggregate Industries announces the acquisition of a major aggregate, asphalt and contracting business located in Las Vegas, Nevada. This strategically important acquisition continues the Group's successful strategy of earnings-enhancing bolt-on acquisitions. The purchase comprises the shares of Southern Nevada Paving Company Inc., Nevada Paving, Inc. and Valley Trucking, Inc. ("SNP"). The consideration, paid in cash, amounts to $64.1m subject to an adjustment for working capital. Net assets at 31 December 2002 amounted to $47.6m stated before any review of valuation of plant and mineral reserves. Turnover in the year ended 31 December 2002 amounted to $101m and the businesses reported earnings before interest, tax, depreciation and amortisation of $16.9m and a pre-tax profit of $9.3m. SNP owns a freehold half-interest in the 530 acre Sloan Mountain Quarry, which has more than 650m tons of high quality limestone. SNP also operates four asphalt plants and is a leading asphalt paving operator. In the year ended 31 December 2002 the business produced 3.6m tons of aggregate and recycled aggregate, 1.2m tons of asphalt and laid approximately 1m tons of asphalt. SNP will become a sixth region of Aggregate Industries' US operations, serving the greater Las Vegas area, which is one of the fastest growing metropolitan areas in the US. Aggregate Industries intends to establish a significant presence in this rapidly-expanding economy by exploiting its substantial aggregate reserves through increased downstream distribution and by making further selective bolt-on acquisitions. Peter Tom, Group Chief Executive of Aggregate Industries plc, commented:- "This is a major boost to our US market share in aggregate, asphalt and asphalt paving. Las Vegas represents a significant geographic expansion into a region which is unaffected by seasonal variations and offers Aggregate Industries considerable opportunities to develop both organically and by acquisition. "The creation of a sixth regional operation in the US, in an area of rapid economic growth, is a perfect example of our strategy of increasing shareholder value by making judicious acquisitions in fast-growing markets." - ends - Further information about Aggregate Industries can be found at www.aggregate.com Contacts: Peter Tom, Group Chief Executive Chris Bailey, Group Finance Director Aggregate Industries plc Tel: 01530 816600 Steve Jacobs/Meg Baker Financial Dynamics Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END ACQUBSNROBRAAAA
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