HOUSTON, Nov. 17 /PRNewswire-FirstCall/ -- U.S. Concrete, Inc. today announced it completed the acquisition of Breckenridge Ready-Mix, Inc. ("Breckenridge") for $3.0 million in cash, and the assumption of approximately $0.4 million in interest-bearing debt. The Company used its existing line of credit to fund the purchase price. Breckenridge operates two ready-mixed concrete plants, a limestone quarry and sand pit in west Texas, and generated revenues of approximately $3.6 million in 2005. Breckenridge will add to the Company's existing Ingram operations in west Texas.
ABOUT U.S. CONCRETE
U.S. Concrete provides ready-mixed concrete and related concrete products and services to the construction industry in several major markets in the United States. Excluding the assets described above, the Company has 136 fixed and 7 portable ready-mixed concrete plants, 10 pre-cast concrete plants, 3 concrete block plants and 8 aggregates facilities. During 2005, these facilities produced approximately 9.0 million cubic yards of ready-mixed concrete, 4.8 million eight-inch equivalent block units and 4.1 million tons of aggregates. For more information on U.S. Concrete, visit http://www.us-concrete.com/ .
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, 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, statements regarding the integration of the Breckenridge assets into the Company's west Texas operations. 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 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, 2005 and the Company's subsequently filed Quarterly Reports on Form 10-Q.
