Eagle Materials has sold its Western Aggregates and Mathews Ready Mix operations for US$93.5mn to Teichert, a California-based construction company.
Western Aggregates vested-rights-to-mine covers 3,900 acres and includes over 900 million tons of aggregates.
Mathews Ready Mix assets include three concrete batch plant locations and 26 trucks.
Michael Haack, Dallas, Texas-headquartered Eagle Materials‘ president and CEO, said: “This transaction represents the sale of non-core assets on the heavy-side of our company. In using the term ‘non-core’, I mean that they do not provide essential support to our primary cement plant network.
“We are especially keen on having the most strategically coherent set of heavy-side assets established in advance of our previously announced spin-off.
“These divestitures, along with the integration of the Kosmos cement plant acquisition, create a focussed heavy materials business with a broad capability to serve US heartland cement markets.”
Eagle Materials manufactures and distributes cement, gypsum wallboard, recycled paperboard, concrete, sand and aggregates, from more than 75 facilities across the U.S.