HOUSTON, July 8 /PRNewswire-FirstCall/ -- U.S. Concrete, Inc. today announced it completed the acquisition of nine ready-mixed concrete plants, including real property, rolling stock and working capital, in its west Texas market from another ready-mixed concrete producer. The plants produced approximately 245,000 cubic yards of ready-mixed concrete during 2007, and will be integrated with the Company's existing Ingram Concrete operations. The Company used cash-on-hand and its existing line of credit to fund the purchase price.
Michael W. Harlan, U.S. Concrete's President and Chief Executive Officer stated, "This acquisition marks our continued emphasis on further strengthening our existing concrete operations and expanding in those markets where we are vertically integrated with aggregates. Our west Texas operations are performing very well and this acquisition will not only complement existing Ingram markets, but also expand our footprint in west Texas. We expect the acquisition to be moderately accretive to 2008 earnings per share."
ABOUT U.S. CONCRETE
U.S. Concrete services the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and concrete-related products; and western precast concrete. The Company has 133 fixed and eight portable ready-mixed concrete plants, eight pre-cast concrete plants, one concrete block plant and seven producing aggregates facilities. Including this recent acquisition, during 2007, these plant facilities produced approximately 7.5 million cubic yards of ready-mixed concrete, 2.7 million eight-inch equivalent block units and 3.8 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 with the Company's existing Ingram operations; our continued emphasis on further strengthening our existing concrete operations and expanding in those markets where we are vertically integrated with aggregates; our west Texas operations' performing very well; the acquisition complimenting our existing Ingram markets and expanding our footprint in west Texas; our expectation that the acquisition will be moderately accretive to 2008 earnings per share. 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, 2007 and the Company's subsequently filed Quarterly Report on Form 10-Q.
