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Breedon to Buy Construction Materials Firm Lagan for $650M
April 17, 2018
2 Min Read
UK firm Breedon Group plc plans to buy a Belfast, Ireland-based building materials provider Lagan Group to expand its positon in markets in the UK and Ireland, a press release announced Tuesday.
Priced at £455 million, or about $650 million, the transaction includes Lagan’s business in Ireland and the UK, a cement plant, nine quarries, nine ready-mixed concrete plants, and 13 asphalt plants. Breedon, a building materials firm based in the UK, said the move allows the firm to enter the Irish construction market, where it sees opportunities to expand its upstream aggregates business and its downstream asphalt and ready-mixed operations.
“Lagan represents a unique opportunity to enter a growing market with immediate scale and excellent opportunities for expansion. It significantly strengthens our cement offer, adds to our mineral and downstream resources, brings us a bitumen import/export business and adds real weight to our contract surfacing operations,” said Pat Ward, Group Chief Executive at Breedon, said in a statement.
Following the close of the transaction, Breedon will own two cement plants, 40 asphalt plants, 200 ready-mixed concrete and mortar plants, nine plants for concrete and clay products, six import/export terminals, and about 70 quarries.
Breedon is the biggest independent construction materials group in the UK.
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