GCC acquisition, USA

GCC acquisition, USA
Published: 27 April 2006

Mexico’s Grupo Cementos de Chihuahua (GCC) announced the acquisition of 100% of the share capital of The Hardesty Company, Inc, doing business as Mid-Continent Concrete Company, and Alliance Transportation, Inc (collectively referred to as Mid-Continent or MidCo) in a US$271m transaction. The acquisition will be financed with debt and will close on May 1. MidCo will be operated as a wholly-owned subsidiary of GCC by its current management team. 
 
Based in Tulsa, Oklahoma, MidCo is the largest producer of ready-mix concrete in northeastern Oklahoma and northwestern Arkansas, and among the top 25 ready-mix producers in the United States. 
 
"The acquisition of Mid-Continent significantly expands GCC’s footprint in the U.S." said Manuel Milan, Chief Executive Officer of GCC. "This transaction reflects GCC’s ongoing strategy of investing in growth, and will allow us to leverage the strong continued demand forecasted in the construction market."