Holcim buys major U.S. cement producer

Holcim Ltd. has agreed to buy ready-mix concrete producer Meyer Material Co. from two U.S.-based equity firms for $231 million US.

JONA, Switzerland

Holcim Ltd. has agreed to buy ready-mix concrete producer Meyer Material Co. from two U.S.-based equity firms for $231 million US.

Holcim is expected to complete the deal with U.S. Equity Partners, L.P. and the New York-based Park Avenue Equity Partners, L.P. in July 2006 subject to regulatory approval.

Meyer, based in suburban Chicago, makes ready-mix concrete and concrete paving products, operating primarily in parts of Illinois and Wisconsin. The company operates six sand and gravel pits, 25 ready-mix concrete plants and a concrete paving products manufacturing facility. It employs some 750 people and had net sales of $190 million last year.

Holcim said the acquisition of Meyer reinforces its strategy focusing on cement and aggregates in the United States.

ASSOCIATED PRESS