U.S. Concrete to Sell California Pre-Cast Operations
U.S. Concrete, Inc. (NASDAQ: USCR) announced that it has executed a definitive asset purchase agreement to sell substantially all of the Company's California pre-cast operations to Oldcastle Precast, Inc. The Company's California pre-cast operations consist of Central Precast Concrete, Inc., San Diego Precast Concrete, Inc. and Sierra Precast, Inc., which are also parties to the definitive sales agreement.
U.S. Concrete President and Chief Executive Officer, William J. Sandbrook, said, "We are extremely pleased to have reached this agreement with Oldcastle Precast. This divestiture is a major milestone in the strategic repositioning of our company into the premier, focused domestic supplier of ready-mix concrete in the United States. The proceeds provide us the opportunity to increase cash deployed for earning enhancing activities such as acquisitions, organic growth opportunities and debt repayment."
This transaction is subject to customary closing conditions and is expected to close during the third quarter of 2012.
For more information on this transaction, please see the Company's Current Report on Form 8-K filed August 3, 2012, visit http://www.us-concrete.com/sec.asp or contact U.S. Concrete at 817-835-4111 or email email@example.com.
U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and concrete-related products; and precast concrete products. As of the date of this press release, the Company has 95 fixed and 12 portable ready-mixed concrete plants, seven precast concrete plants and seven producing aggregates facilities. During 2011, these plant facilities produced approximately 4.0 million cubic yards of ready-mixed concrete from continuing operations and 3 million tons of aggregates. For more information on U.S. Concrete, visit www.us-concrete.com.