Buyers revealed for Breedon/Hope cast-offs
Breedon Aggregates has agreed deals for the sale of 14 ready-mixed concrete plants to clear the way for its acquisition of Hope Construction Materials.
Tarmac, these days owned by CRH of Ireland, will buy 11 concrete plants and The Concrete Company will buy three in Lincolnshire.
Breedon struck a deal in November 2015 to take over Hope Construction Materials from India’s Mittal family for £336m. The Competitions & Markets Authority (CMA) expressed concern about the deal’s impact on ready-mixed concrete (RMX) supply. Breedon’s solution is to sell 14 RMX plants and it has now gained CMA approval.
Tarmac is set to buy operations in: Boston, Cloddach, Coleford, Inverness, Lincoln, Shrewsbury, Spalding, Telford Halesfield, Telford Trench, Wisbech and Leinthall. The plants will be managed as part of Tarmac’s national network of RMX plants.
The Concrete Company is set to buy operations in: Grantham, Immingham and Scunthorpe. The Concrete Company intends to continue production from Scunthorpe and Immingham and restart production in Grantham.
All except Leinthall are Hope plants.
The CMA has analysed Breedon’s proposal and determines that all its previous concerns are now satisfied, with no new competition threats emerging from the proposed disposals. There is the opportunity for public response by 15th July 2016 (to firstname.lastname@example.org) before the CMA finally signs off the Breedon’s acquisition of Hope.
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This article was published on 1 Jul 2016 (last updated on 1 Jul 2016).