Attached files
| file | filename |
|---|---|
| EX-10.2 - U.S. CONCRETE, INC. | v198197_ex10-2.htm |
| EX-10.6 - U.S. CONCRETE, INC. | v198197_ex10-6.htm |
| 8-K - U.S. CONCRETE, INC. | v198197_8k.htm |
| EX-10.1 - U.S. CONCRETE, INC. | v198197_ex10-1.htm |
| EX-99.1 - U.S. CONCRETE, INC. | v198197_ex99-1.htm |
| EX-10.4 - U.S. CONCRETE, INC. | v198197_ex10-4.htm |
| EX-10.3 - U.S. CONCRETE, INC. | v198197_ex10-3.htm |
| EX-10.5 - U.S. CONCRETE, INC. | v198197_ex10-5.htm |
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NEWS
RELEASE
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Contact:
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Curt
Lindeman, General Counsel
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U.S.
Concrete, Inc.
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713-499-6222
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FOR
IMMEDIATE RELEASE
U.S.
CONCRETE COMPLETES TRANSACTIONS
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·
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Purchases
plants in west Texas
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Exits
Michigan market
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HOUSTON, TX – October 1, 2010 – U.S.
Concrete, Inc. today announced that it has acquired three ready-mixed
concrete plants and related assets in the Company’s west Texas
market. The assets acquired will be integrated into U.S. Concrete’s
existing Ingram Concrete operations. In addition, the Company exited
the Michigan market with the divestiture of its interest in Superior Materials
Holdings, LLC, the Company’s Michigan joint venture. In connection with the
divestiture of Superior, the Company will make certain cash contributions to the
joint venture in return for a release of certain liabilities and obligations and
indemnification related to contingent underfunded pension
liabilities.
“Exiting
the depressed Michigan market represents an important step in our long-term
strategic plan. It removes a material uncertainty concerning our
future financial condition and will result in an immediate improvement in our
operating cash flow,” stated Michael W. Harlan, President and Chief Executive
Officer. “The purchase of these assets in our west Texas market furthers our
emphasis on those markets where we are vertically integrated in
aggregates. In addition, this transaction strengthens our competitive
position in a profitable market area.”
About
U.S. Concrete
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. Following the divestiture
of the Company’s interest in Superior Materials Holdings, the Company has 101
fixed and 11 portable ready-mixed concrete plants, seven precast concrete plants
and seven producing aggregates facilities. During 2009 (including acquired
volumes, but excluding Superior Materials Holdings), these plant facilities
produced approximately 4.0 million cubic yards of ready-mixed concrete and 3.0
million tons of aggregates. For more information on U.S. Concrete, visit
www.us-concrete.com.
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CAUTIONARY STATEMENT
REGARDING FORWARD-LOOKING STATEMENTS
This
press release contains various forward-looking statements and information that
are based on management's beliefs, as well as assumptions made by and
information currently available to management. These forward-looking statements
speak only as of the date of this press release. The Company disclaims any
obligation to update these statements and cautions you not to rely unduly on
them. Forward-looking information includes, but is not limited to: the effect of
exiting the Michigan market on the Company’s current or future financial
condition, long-term strategic plan or operating cash flow; the Company’s
emphasis on markets where we are vertically integrated in aggregates; and the
effect of the acquisition of the west Texas assets on our competitive position
in that market. Although U.S. Concrete believes that the expectations reflected
in such forward-looking statements are reasonable, it can give no assurance that
those expectations will prove to have been correct. Such statements are subject
to certain risks, uncertainties and assumptions, including, among other matters:
general and regional economic conditions; the level of activity in the
construction industry, the ability of U.S. Concrete to complete acquisitions and
to effectively integrate the operations of acquired companies; development of
adequate management infrastructure; departure of key personnel; access to labor;
union disruption; competitive factors; government regulations; exposure to
environmental and other liabilities; the cyclical and seasonal nature of U.S.
Concrete's business; adverse weather conditions; the availability and pricing of
raw materials; and general risks related to the industry and markets in which
U.S. Concrete operates. Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected. These risks, as well as others, are discussed in greater detail
in U.S. Concrete's filings with the Securities and Exchange Commission;
including U.S. Concrete's Annual Report on Form 10-K for the year ended December
31, 2009 and its Form 10-Q for the six months ended June 30, 2010.
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