Taiheiyo Cement: Completed the purchase of cement and related business assets in the western United States from Martin Marietta Materials, Inc.

0

July 1, 2022

Completion of the purchase of cement and related business assets in the western United States

by Martin Marietta Materials, Inc.

Taiheiyo Cement Corporation (Headquarters: Bunkyo-ku, Tokyo, President and Managing Director: Masafumi Fushihara, hereinafter “Taiheiyo Cement”) is pleased to announce that its consolidated subsidiary, CalPortland Company (Headquarters: California, USA Unis, hereinafter “CPC”) finalized the acquisition of certain cement and ready-mixed concrete businesses in western United States of Martin Marietta Materials, Inc. (headquarters: North Carolina, USA, hereinafter, “MM”) as announced on March 1, 2022. The acquisition closed on June 30, 2022 (Eastern Time). United States).

CPC acquired the Redding, California cement plant, related cement distribution terminals and 14 ready-mix concrete plants located in California. By improving its plant facilities and operations and continuing to convert its production to blended cement, we anticipate that the Redding cement plant will continue to be an important facility in Northern California and contribute to the steady growth of our profits by supplying cement to Southern California. Oregon and northern Nevada. The ready-mixed concrete assets in California are located in an area where CPC has no current operations, which will ensure a reliable sales channel for CPC’s cement business and contribute to steady growth in our profits, as the profitability of the ready-mixed concrete activities has improved in recent years. In addition, we will improve customer satisfaction and achieve our mid-term management plan for fiscal years 2022 to 2024 by combining the Redding plant, cement distribution terminals and ready-mixed concrete business.

As a next step, we will consider purchasing the Tehachapi cement plant from MM and related cement distribution terminals in accordance with the preferential agreements previously agreed between CPC and MM. We will announce it as soon as we have made the decision.

The effect on the consolidated financial performance of the Taiheiyo Cement Group will be disclosed without delay when they become clear.

Disclaimer

Taiheiyo Cement Corporation published this content on July 01, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on Jul 01, 2022 06:32:08 UTC.

Share.

Comments are closed.