Featured Company News - US Concrete Acquires Assets of Action Supply
LONDON, UK / ACCESSWIRE / October 4, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for U.S. Concrete, Inc. (NASDAQ: USCR), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=USCR. The Company announced on October 02, 2017 that it entered into a definitive agreement to acquire the assets of Action Supply Co., Inc. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Action Supply 's is located close to Corbett Aggregates Companies, LLC, which was acquired by US Concrete in April 2017, thereby providing immediate synergies from the vertical integration of fine aggregates.
Action Supply 's Ability to Meet Demanding Specifications in Difficult Operating Environments Fits the US Concrete Model
William J. Sandbrook, President, CEO, and Vice Chairman of US Concrete stated that the Company is thrilled to welcome this new market to its Atlantic Region. This acquisition continues the strategy of finding great businesses in new markets with future bolt-on and consolidation opportunities. The Philadelphia metro market is a mature and stable market with many of the same attributes in the Company's other successful markets. William added that Action Supply's ability to meet demanding specifications in difficult operating environments fits US Concrete's model and he is pleased to welcome them to his family of companies.
US Concrete's Recent Acquisitions
Acquisition of Two Northern California Ready-Mixed Concrete Operations: On October 02, 2017, US Concrete's wholly owned subsidiary, NorCal Materials, Inc., acquired the assets of two independently owned and operated ready-mixed concrete operations, Harbor Ready-Mix and A-1 Materials, Inc. The acquisitions included two ready-mixed concrete batch plants and 23 mixer trucks. The acquisitions also included the assets of L.C. Frey Co., Inc., a landscape materials business related to A-1's operations.
Acquisition of Polaris Materials Corp.: As per a news release on September 29, 2017, US Concrete entered into an arrangement agreement with Polaris Materials, pursuant to which US Concrete acquired all the issued and outstanding common shares of Polaris Materials for C$3.40 per share in cash by way of a statutory plan of arrangement. The price per share implied an aggregate fully diluted equity value for Polaris of approximately C$309 million. The transaction is expected to close in Q4 2017 and is subject to customary closing conditions, including approval of Affected Security holders and court approval.
About US Concrete, Inc.
Founded in 1948, US Concrete, Inc. provides vast technical expertise in concrete mix design optimization and it provides sustainable and innovative solutions that meet engineering and architectural challenges, reduces labor, material cost, and environmental impact. The Company is headquartered in Euless, Texas, and operates and sells its products and services in the United States.
About Action Supply Co., Inc.
Action Supply Co., Inc. is known for its service and innovation in the delivery of concrete. Action Supply is Pennsylvania Department of Transportation approved and has the capabilities to meet stringent specifications. The Company supplies high-quality, high-strength ready-mixed concrete to commercial and infrastructure construction projects to the Philadelphia metropolitan market.
Last Close Stock Review
On Tuesday, October 03, 2017, the stock closed the trading session at $76.20, rising 2.42% from its previous closing price of $74.40. A total volume of 343.10 thousand shares have exchanged hands. US Concrete's stock price skyrocketed 20.95% in the past six months and 72.16% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have rallied 16.34%. The stock is trading at a PE ratio of 46.52. At Tuesday's closing price, the stock's net capitalization stands at $1.21 billion.
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