Business
Completion of acquisition
Completion of acquisition.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 8319U\n Breedon Group PLC\n 03 August 2020\n \n \n \n \n \n \n \n 3 August 2020 \n \n \n BREEDON GROUP PLC\n \n \n (\"Breedon\" or the \"Company\")\n \n \n \n \n \n Completion of acquisition of assets \n \n \n from CEMEX UK Operations Limited (\"CEMEX\")\n \n \n \n \n \n Breedon is pleased to announce the completion on 31 July 2020 of its acquisition of certain assets and operations from CEMEX, as announced on 8 January 2020.\n \n \n \n \n \n As previously indicated, the Competition and Markets Authority (\"CMA\") has instructed that these assets should be held separate from Breedon until it has completed its investigation. Accordingly, the assets will be operated as Pinnacle Construction Materials (\"Pinnacle\"), a newly-created ring-fenced business led by an independent management team and operating from its own offices.\n \n \n \n \n \n Pinnacle offers a comprehensive range of heavy building materials, including aggregates, asphalt, ready-mixed concrete, concrete products and cement, together with contracting services, from approximately 100 locations in England, Wales and Scotland.\n \n \n \n \n \n This acquisition brings with it a portfolio of high-quality, well-located operations with a strong team of some 650 employees and a further 170 million tonnes of mineral reserves and resources. It will strengthen Breedon's regional footprint in the UK and provide a platform for future expansion.\n \n \n \n \n \n The CMA is presently undertaking a Phase 1 investigation, in respect of which the CMA are expected to announce their initial conclusions on or before 26 August 2020. Following the conclusion of the CMA's investigation, which could still take several months, and subject to the outcome of that investigation, the assets are expected to be incorporated into Breedon's UK business.\n \n \n - ends -\n \n \n Enquiries:\n \n \n \n \n \n Breedon Group plc\n \n \n Pat Ward, Group Chief Executive\n \n \n Rob Wood, Group Finance Director\n \n \n Stephen Jacobs, Group Head of Communications\n \n \n \n \n \n Cenkos Securities (NOMAD and Joint Broker to Breedon)\n \n \n Max Hartley\n \n \n Harry Hargreaves\n \n \n \n \n \n Numis Securities (Joint Broker to Breedon)\n \n \n Ben Stoop\n \n \n Heraclis Economides\n \n \n \n \...