Cemex Irish Readymix makes €11.5m acquisition
Irish Cement manufacturer Readymix has paid €11.5m in cash to acquire Tipperary-based firm Denis Tarrant & Sons. An aggregate and ready-mixed concrete producer, Denis Tarrant reported turnover last year of €8.1m and recorded a profit of roughly €400,000 on earnings before interest, tax, depreciation and amortisationof €1.8m.
The company is owned by Denis, Miriam and William Tarrant, and had net assets of €4.8m at the end of last year. Readymix, which is majority-owned by Cemex, said the Tipperary firm also had some €1.3m in cash on its books.
"This acquisition is an important addition to growing our core businesses of aggregate and ready-mixed concrete and it extends our market coverage across the south," said Readymix managing director Roger Gonzalez.
Readymix announced first-half results back in August, which showed the company is having to fight hard to compete in Ireland, where it generates the majority of its sales. Pre-tax profit at the firm had almost halved in the period to €16.3m. However, that included accruals from the disposal of property assets.
When they were removed from figures, operating profit had markedly declined to roughly €9m. Its sales volumes were also down.