DALLAS, May 30 /PRNewswire-FirstCall/ -- Trinity Industries, Inc. announced today that its subsidiary, Transit Mix Concrete & Materials Company, has sold a group of Houston-area assets to an undisclosed buyer, effective at midnight on May 30. Included in the sale are seven ready mix concrete facilities and an aggregates distribution yard.
"The sale represents Trinity's exit from the metropolitan Houston concrete market," said Mark W. Stiles, Trinity Senior Vice President and Group President of the Company's Construction, Energy, Marine, and Components Group. "Along with our acquisition of Armor Materials, it reflects a realignment of our focus to markets that are better suited to our business model." In April, Transit Mix acquired Armor Materials, a group of East Texas asphalt, ready mix concrete and asphalt businesses.
The sale was made for cash and the purchase price was not disclosed. Revenues from the assets sold represent approximately $40 million per year.
Trinity Industries, Inc., headquartered in Dallas, Texas, is a holding company that owns a variety of market-leading businesses which provide products and services to the industrial, energy, transportation, and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit: http://www.trin.net/.
Some statements in this release, which are not historical facts, are "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Trinity's estimates, expectations, beliefs, intentions or strategies for the future, and the assumptions underlying these forward-looking statements. Trinity uses the words "anticipates," "believes," "estimates," "expects," "intends," "forecasts," "may," "will," "should," and similar expressions to identify these forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Forward-Looking Statements" in the Company's Annual Report on Form 10-K for the most recent fiscal year.
