The business will retain its identity and continue to run independently with Simon Willis as managing director.
Hanson, part of the HeidelbergCement Group, already owned 50% of MQP in joint venture with Tarmac.
Tarmac’s share of MQP was among the assets it divested to satisfy the competition authorities to get clearance for its merger with Lafarge last year. These assets, including the Hope cement works in Derbyshire, were sold to Mittal Investments.
However, the agreement relating to MQP was always subject to Hanson’s right to pre-empt any sale of shares by matching the sale price agreed with Mittal’s new subsidiary, Hope Valley Holdings.
Hanson is now exercising this contractual pre-emption right to acquire the remaining shares from Tarmac. The transaction is scheduled for completion on April 2.
Hanson UK chief executive Patrick O’Shea said: “We are taking this opportunity to assume full ownership of MQP. It is a strong and well run business with good people and good assets and is well placed to benefit from an upturn in construction activity. We plan to develop and grow the business and maintain and build on its high levels of product quality and customer service.”
MQP managing director Simon Willis added: “There is no change to the way you do business with MQP or to the service you receive from us. The message to employees and customers is that it will be business as usual.”
Got a story? Email news@theconstructionindex.co.uk
