Aggregate Industries acquire Meyer Material
AGGREGATE Industries have acquired 100% of Meyer Material Co. for US$ 231 million (£125 million) from Wasserstein & Co. LP and Park Avenue Equity Partners LP. The company will be fully integrated into Aggregate Industries’ US operations and will be managed as a new region.
Based near Chicago in Illinois, Meyer are a leading supplier of aggregates, ready-mixed concrete and concrete paving products. The company’s primary markets are located in the north-western part of metropolitan Chicago and south-eastern Wisconsin.
Meyer operate six sand and gravel pits as well as 25 ready-mixed concrete plants and a modern concrete paving products facility. The company, which employs around 750 people, has 125 million tons of reserves as well as considerable underground reserves which may be considered for future development.
Last year Meyer sold approximately 5 million tons of aggregates, 1.5 million cubic metres of ready-mixed concrete and 0.5 million square metres of concrete paving and retaining wall systems. In 2005 net sales reached approximately US$190 million (£103 million).
Bill Bolsover, Aggregate Industries’ group chief executive, said: ‘I am delighted that the acquisition of Meyer is now complete, forming our seventh region in the US and I look forward to the benefits the addition of this complementary business will bring to both Aggregate Industries and Holcim.’
