Mitsubishi Materials to take over US concrete firm

Mitsubishi Materials to take over US concrete firm
Published: 30 January 2008

Mitsubishi Materials Corp. said Wednesday its US unit will raise its interest in California-based Robertson’s Ready Mix Ltd. To 70.0 per cent by the end of this year from the current 33.3 percent in a bid to bolster the
Mitsubishi group’s cement and concrete business in the United States.

The population of southern California, where Robertson’s operates, is expected to grow, boosting local demand for ready-mixed concrete, according to Mitsubishi.

MCC Development Corp. will purchase Robertson’s shares worth US$900m, or about 96.3 billion yen, from the family of Dennis Troesh, the president of the US concrete maker, Mitsubishi Materials said. Robertson’s was founded in 1992 and employs about 1800 workers. Its sales in the year ended last
December are estimated at $800 million, about 85.6 billion yen.