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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Breedon Group Plc | LSE:BREE | London | Ordinary Share | GB00BM8NFJ84 | ORD GBP0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-6.00 | -1.65% | 358.50 | 360.00 | 360.50 | 365.00 | 357.50 | 364.50 | 1,759,605 | 16:35:24 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMBREE
RNS Number : 1559Z
Breedon Group PLC
13 December 2017
NEWS RELEASE
13 December 2017
BREEDON GROUP PLC ("Breedon" or "the Group")
Acquisition of assets from Tarmac Holdings Limited ("Tarmac")
Breedon, the UK's largest independent construction materials group, has agreed to acquire from Tarmac - a CRH company - four quarries and an asphalt plant for a total consideration of GBP16.5 million, to be satisfied by the transfer to Tarmac of 27 of Breedon's ready-mixed concrete plants and a payment of GBP4.9 million in cash.
The deal is conditional on approval by the Competition & Markets Authority (CMA).
The operations to be acquired by Breedon comprise quarries in Scotland, Cumbria and North Wales, together with a quarry and asphalt plant in West Wales. The ready-mixed concrete plants to be divested by Breedon are in multiple locations extending from Dumfries in Scotland to Exeter in Devon.
The deal is in line with Breedon's strategy of expanding its aggregates portfolio, in this case adding approximately 25 million tonnes to the Group's mineral reserves and resources, and furthering the development of its asphalt capacity. It also streamlines Breedon's readymix network. The transaction is not expected to have a material impact on the Group's earnings.
Pat Ward, Breedon's Group Chief Executive, commented: "This deal brings significant benefits: it adds to our reserve base; it is margin-enhancing; it releases value from peripheral readymix plants; and it will enable us to replace third-party aggregates providers with our own sources of supply.
"It is also a great example of how we can work with our larger peers - in this case CRH, one of the world's most successful global building materials companies - to benefit customers and other stakeholders on both sides."
The transaction is expected to close in the first half of 2018, subject to approval by the CMA.
- ends -
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
Notes to editors
Breedon Group plc is the UK's largest independent construction materials group. Following this transaction, it will operate the country's largest cement plant, two cementitious import terminals, more than 60 quarries, 27 asphalt plants, around 170 ready-mixed concrete plants and three concrete products plants nationwide. The Group employs around 2,300 people and has more than 750 million tonnes of mineral reserves and resources. Its strategy is to continue growing organically and through acquisition of businesses in the UK heavyside construction materials market.
Tarmac assets to be acquired in this transaction:
Daviot Quarry, Inverness
Low Plains Quarry, Penrith
Borras Quarry, Wrexham
Minffordd Quarry & Asphalt Plant, near Porthmadog
Breedon ready-mixed concrete plants to be divested in this transaction:
Alrewas Llandybie Banbury Llanelli Boroughbridge Llynclys Bournemouth Meriden Bridgend Pembroke Briton Ferry Portsmouth Cardiff Scorton Cardigan Shawell Carmarthan Southampton Colchester Stancombe Dumfries Tongwynlais Dunald Mill Tredegar Exeter Wellington
Halecombe
For further information:
Breedon Group plc
Pat Ward, Group Chief Executive
Rob Wood, Group Finance Director
01332 694444
Stephen Jacobs, Head of Communications
07831 764592
Cenkos Securities plc
Max Hartley (Nomad)
020 7397 8925
Numis Securities (joint broker)
Heraclis Economides/Ben Stoop
020 7260 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
December 13, 2017 02:00 ET (07:00 GMT)
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