The acquisition of certain assets and operations from Breedon Group plc of CEMEX in the UK
Tillicoultry Quarries Ltd is pleased to announce that it has agreed the purchase of certain assets from Breedon Group plc.
Breedon Group plc is divesting these assets at the direction of the Competition and Markets Authority (CMA) in order to address the CMA’s concerns that Breedon Group plc’s purchase of certain assets from Cemex Investments Limited give rise to a realistic prospect of a substantial lessening of competition in certain areas. Subject to final confirmation by the CMA of its approval of (i) the undertakings offered by Breedon Group plc to address the CMA’s concerns and (ii) the approval of TQ as a purchaser, the company expects to be in a position to complete the purchase before the year end. The CMA intends shortly to launch a public consultation inviting interested parties to submit their views.
The 14 sites include 10 RMX concrete plants in Hartlepool, Stockton, Middlesbrough, Whisby, King’s Lynn, Wisbech, Peterborough, Kidderminster, Costessey, and Snetterton; an asphalt plant and aggregates depot in Ely; two sand and gravel quarries in Collessie and Loanleven; and a cement terminal in Dundee.
Wallace Menzies, Director of Tillicoultry Quarries, commented on the agreement:
“The purchase of these 14 new sites will allow Tillicoultry Quarries to continue to build on and invest in our existing capabilities, enhancing our offering with more of our core products and opening up in new locations”.
Commenting on today's announcement Pat Ward, Breedon's Group Chief Executive, said:
"We are very pleased with the outcome of this process and believe it is in the interests all stakeholders.
“It allows Breedon to realise fair value for the assets disposed of, which, together with the people who work in them, will be in good hands under new ownership of Tillicoultry Quarries.”