Texas Industries working with Citigroup for possible sale, USA

Texas Industries working with Citigroup for possible sale, USA
Published: 16 December 2013

The owners of Texas Industries are reported to be exploring a sale of the Dallas-based company, Bloomberg reported, citing three people with knowledge of the matter.

Southeastern Asset Management Inc. and NNS Holding, the two largest shareholders, have been looking to sell their stakes for some time, though they may struggle to get a price they deem sufficient, one source said.

Vulcan Materials and Holcim are among the companies being viewed as potential suitors, the news agency quoted one of the people as saying.

A new 1.4Mta line has significantly improved TXI’s ability to take advantage of the strong recovery underway in Texas, enabling the company to report a turnaround in profit in the quarter ending 31 August 2013. The cement producer is also accelerating the maintenance and upgrade projects on Kiln 1 to bring it back online during 1Q14. Combined with the newly-added capacity of Kiln 2, the upgrades will enable TXI Hunter to efficiently produce and ship approximately 2.3Mta of cement, more than double its original capability.