Adelaide Brighton Ltd said Tuesday it has acquired a 50% stake in the Mawsons concrete and quarrying business.
Mawsons operates in regional Victoria and southern New South Wales and is the biggest independent ready mixed concrete and quarry operator in the region.
"The joint venture with Mawsons gives Adelaide Brighton a strong regional presence in the aggregates and ready mixed concrete markets in Victoria," said Adelaide Brighton Managing Director Mark Chellew.
Mawsons operates five hard rock quarries producing 1.6Mta and has concrete sales of about 200,000m a year.
Adelaide Brighton didn’t disclose the cost of the purchase, which will be funded by debt, but said the acquisition is expected to be earnings per share accretive from the date of purchase.