Business
Re Joint Venture
Re Joint Venture.
About this update from Breedon Group Plc
[{"type":"text","content":"\n \nRNS Number : 6775Q Breedon Aggregates Ld 03 September 2014 \n \n\n News release\n \n3 September 2014\n \nBREEDON AGGREGATES LIMITED \n(\"Breedon Aggregates\" or the \"Group\")\n \nBreedon expands into mid-Wales \nthrough joint venture with H V Bowen & Sons\n \nBreedon Aggregates, the UK's largest independent aggregates business, has acquired a 50 per cent interest in H V Bowen & Sons (Holdings) Limited, the owner and operator of Tan-y-Foel quarry near Welshpool. The investment has been funded in cash from the Group's own resources.\n \nThe quarry will provide Breedon with an interest in approximately 3.4 million tonnes of strategically important high 'polished stone value' (PSV) aggregates. Sources of high (+68) PSV aggregates are very scarce and Tan-y-Foel has some of the highest quality reserves in the country. High PSV stone has a high skid resistance and is therefore in great demand for surfacing roads with heavy traffic flows. H V Bowen also operates a ready-mixed concrete plant.\n \nThe business will continue to trade as H V Bowen and will be jointly managed by Breedon Aggregates England Limited and the Bowen family, who have owned and operated the quarry for more than 70 years.\n \nBreedon already owns a sand and gravel quarry near Mold in North Wales and the joint venture with H V Bowen expands the company's operations into mid-Wales for the first time.\n \nCommenting on the investment Tim Hall, chief executive of Breedon Aggregates England, said: \"We're pleased to have secured access to some of the highest quality PSV stone in the country, which will provide a ready supply of this key aggregate to our asphalt plants. It will also enable us to extend our reach into an important new market for aggregates and readymix.\"\n \n- ends -\n\n\nNotes to editors\n \nBreedon Aggregates (www.breedonaggregates.com)\nBreedon Aggregates is the UK's largest independent aggregates business. Following the investment in H V Bowen, the group has 43 active quarries, 22 asphalt plants and 54 ready-mixed concrete and mortar plants stretching from the Hebrides in northern Scotland to Lydney in Gloucestershire. The group employs more than 1,100 people and has strong asset backing, with over 400 million tonnes of mineral reserves and resource...