US: Construction materials company Summit Materials has completed its previously announced acquisition of a 1.2Mt/yr capacity cement plant in Davenport, Iowa along with seven cement distribution terminals from Lafarge North America for US$450m in cash, plus an exchange of Summit's Bettendorf, Iowa cement distribution terminal.
The newly acquired cement operations will compliment Summit's existing cement plant in Hannibal, Missouri and cement distribution terminal in St Louis, Missouri. The combined business will operate as Continental Cement, an existing wholly-owned subsidiary of Summit.
Following completion of the transaction, Summit owns 2.4Mt/yr of cement production capacity across the two cement plants plus eight cement distribution terminals along the Mississippi River system ranging from Minneapolis, Minnesota to New Orleans, Louisiana.