US-based construction materials company, Summit Materials, has concluded a US$450 million (€411.46 million) purchase of seven terminals by the Mississippi River Valley as well as a cement plant located in Davenport, Iowa.
The assets were acquired from Lafarge North America.
For the acquisition, $350 million (€320 million) in cash, which Summit Materials secured via a senior note offering in July 2015, as well as other funds from its credit line expansion was used.
As part of the transaction, Summit
July 23, 2015
Read time: 1 min
US-based construction materials company, 1822 Summit Materials, has concluded a US$450 million (€411.46 million) purchase of seven terminals by the Mississippi River Valley as well as a cement plant located in Davenport, Iowa.
The assets were acquired from 725 Lafarge North America.
For the acquisition, $350 million (€320 million) in cash, which Summit Materials secured via a senior note offering in July 2015, as well as other funds from its credit line expansion was used.
As part of the transaction, Summit agreed to exchange a terminal located in Bettendorf, Iowa.
The plant, which has been acquired, has a 1.2 million short tonnes capacity.