New Enterprise Stone & Lime has acquired three aggregate plants and four hot mix asphalt plants from Hempt Bros in the Harrisburg, Pennsylvania area.
New Enterprise says the facilities are situated between New Enterprise's existing Chambersburg and Allentown locations in Pennsylvania (© Diana Opryshko | Dreamstime.com)
The deal also includes two ready mixed concrete plants, paving and Heavy Highway Construction.
The facilities are situated between New Enterprise's existing Chambersburg and Allentown locations.
New Enterprise CEO Paul Detwiler, III says: “This acquisition expands our footprint into the Harrisburg area and was completed with virtually no additional long-term debt. This philosophy enhances our ability to grow operating profit and reduce leverage – a cornerstone of our operating plan.
“Furthermore, this acquisition is consistent with our strategic plan of adding great locations to our construction material business and upon acquisition is expected to be accretive to profits as we exit the pandemic and get back to the new normal.”
