MILAN (Thomson Financial) - Buzzi Unicem SpA said its U.S. unit Alamo Cement Company has signed an agreement to acquire a 50 percent stake in Houston, Texas-based Dorsett Bros. Concrete Supply Inc, without giving a price.
Dorsett is a leading producer of ready-mix concrete and soil stabilisation products in Houston operating with 19 concrete plants, seven soil product plants and a fleet of 250 trucks, it said.
'Dorsett sales volumes in 2007 were 994,000 cubic metres of concrete and 635,000 tonnes of stabilising product with sales of $108 million,' it said.
The deal is seen being finalised by the end of June, it said, adding the present management under Bill Dorsett will remain in place.
The acquisition is an important entry by Alamo in the Houston concrete sector, offering Alamo scope to grow in concrete and cement, it said.
The acquisition contract includes scope 'within a few years' for Alamo to acquire to other 50 percent of Dorsett, it said.
In 2007, Alamo sold 1.545 million tonnes of cement and 1.713 cubic metres of concrete with sales of $370 million, it said. nigel.tutt@thomsonreuters.com nt/lam COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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