TXI Announces Decision To Spin-Off Steel Business

TXI Announces Decision To Spin-Off Steel Business
Published: 16 December 2004

Texas Industries Inc (TXI) will spin off its steel business from the cement, aggregate and concrete segment to allow the two units to pursue separate growth strategies. The spinoff is expected to be in the form of a stock dividend with a target completion date sometime in the summer of 2005.  Tommy Valenta, executive vice president in charge of Texas Industries’ steel operations, will become the chief executive of the new steel company. In the latest fiscal first quarter, Texas Industries posted operating profits of $55.9m from steel and $21.3m from cement, aggregate and concrete.