Titan in US downstream expansion
Titan America, a wholly owned subsidiary of the Greeks-based international cement group, has extended its downstream operations in the United States by acquiring S&W Ready Mix Concrete Company for US$235m (EUR177m). S&W Ready Mix operates 26 batching plants in the states of North Carolina and South Carolina, with an emphasis on the Wilmington, NC and Myrtle Beach, SC markets. Last year, when demand was very strong, S&W Ready Mix generated an EBITDA of almost US$48m (EUR36m). At present, Titan’s cement operations closest to the new acquisition are in Virginia, where it has a cement terminal in Norfolk and integrated cement works at Roanoke, from where it can supply the new operations by rail. The company will not comment on a possible extension of its cement import activities to South Carolina, but this must now be considered a possibility. Published under Cement News
