Hardrives Inc acquires Tower Asphalt

Asphalt paving company Hardrives Inc.  has acquired Lakeland-based Tower Asphalt Inc. for an undisclosed amount.

( Minnesota )  —  The 40-year-old Tower Asphalt does similar work to Hardrives Inc. They had been competitors that bid on the same highway projects for counties and cities in the Twin Cities and for the Minnesota Department of Transportation.

A statement says the acquisition will increase revenues at Hardrives “significantly over the next few years.” With a higher volume of work, the company also will purchase raw materials at a better price.
The company increased its employees from 230 to 315. Tower’s principal owners in operations, as well as its president, are now employed at Hardrives in operations and management jobs.

Tower will continue to run plant and equipment maintenance in Lakeland.

But most management and administrative work will go to Hardrives’ headquarters in Rogers.

Source: http://www.sctimes.com/article/20100522/BUSINESS/105220011/1003

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