{"id":69739,"date":"2020-01-08T08:51:06","date_gmt":"2020-01-08T08:51:06","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=69739"},"modified":"2020-01-08T08:51:06","modified_gmt":"2020-01-08T08:51:06","slug":"breedon-group-cemex","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/breedon-group-cemex\/69739\/","title":{"rendered":"Breedon to acquire Cemex’s UK business for \u00a3178m"},"content":{"rendered":"

Breedon Group has reached a conditional agreement with building materials giant Cemex to acquire certain UK assets and operations for \u00a3178m<\/h2>\n

Construction materials group Breedon<\/a> has agreed to acquire Cemex\u2019s UK assets for \u00a3155m in cash together with the assumption of \u00a323m of lease liabilities.<\/p>\n

In the year ended 31 December 2018, Cemex\u2019s UK assets generated revenue of \u00a3178m.<\/p>\n

What\u2019s included in the sale?<\/h3>\n

Breedon will take control of 49 ready-mix plants, 28 aggregate quarries, four depots, one cement terminal, four concrete products<\/a> operations and 14 asphalt plants. Parts of Cemex\u2019s Paving Solutions business in the UK are also included in the sale to Breedon.<\/p>\n

Cemex\u2019s UK assets comprise 100 active operations across six divisions located in Scotland, Wales, North-East England, Norfolk, the East Midlands, and Yorkshire.<\/p>\n

The acquisition will boost Breedon\u2019s mineral reserves and resources by 170 million tonnes \u2013 enough to last more than 27 years at current extraction rates.<\/p>\n

Breedon expects to achieve annual net pre-tax cost synergies of approximately \u00a32m by the third full year following completion<\/p>\n

Completion of the acquisition is expected in the second quarter of 2020, subject to completion of a TUPE consultation process.<\/p>\n

Pat Ward, Breedon\u2019s group chief executive, said: \u201cThis is a unique opportunity to extend our national network through a single value-enhancing transaction, substantially increasing our footprint in several regions of Great Britain where we are currently underrepresented and adding approximately 170 million tonnes of mineral reserves and resources. It also delivers a step-change in the development of our national asphalt strategy<\/a>.<\/p>\n

\u201cThere is potential to drive significant performance improvements across these new assets and they will also strengthen our platform for further organic growth and bolt-on acquisitions.<\/p>\n

\u201cIn addition to the cost synergies we anticipate, we also expect the deal to be accretive to both earnings and free cash flow in the first full year, with a positive ongoing impact on the cash generation of the enlarged group.\u201d<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Breedon Group has reached a conditional agreement with building materials giant Cemex to acquire certain UK assets and operations for \u00a3178m.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[811,676,583],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-69739","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-concrete","8":"tag-construction","9":"tag-construction-products"},"acf":[],"yoast_head":"\nBreedon to acquire Cemex's UK business for \u00a3178m<\/title>\n<meta name=\"description\" content=\"Breedon Group has reached a conditional agreement with building 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