Oct 4 2010
U.S. Concrete, Inc. (PINKSHEETS: RMIXQ) today announced that it has acquired three ready-mixed concrete plants and related assets in the Company's west Texas market.
The assets acquired will be integrated into U.S. Concrete's existing Ingram Concrete operations. In addition, the Company exited the Michigan market with the divestiture of its interest in Superior Materials Holdings, LLC, the Company's Michigan joint venture. In connection with the divestiture of Superior, the Company will make certain cash contributions to the joint venture in return for a release of certain liabilities and obligations and indemnification related to contingent underfunded pension liabilities.
"Exiting the depressed Michigan market represents an important step in our long-term strategic plan. It removes a material uncertainty concerning our future financial condition and will result in an immediate improvement in our operating cash flow," stated Michael W. Harlan, President and Chief Executive Officer. "The purchase of these assets in our west Texas market furthers our emphasis on those markets where we are vertically integrated in aggregates. In addition, this transaction strengthens our competitive position in a profitable market area."
Source: http://www.us-concrete.com/