EULESS, Texas, March 5, 2018 /PRNewswire/ -- U.S. Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or the "Company"), a leading supplier of ready-mixed concrete and aggregates in active construction markets across the country, announced today that is has acquired the assets of Golden Spread Redi-Mix, Inc. ("Golden Spread") located in Amarillo, Texas. The acquisition includes ten fixed ready-mixed concrete plants and a portable ready-mixed concrete division, consisting of five plants. The acquisition also includes an aggregates producing facility with extensive reserve life that is in close proximity to the Amarillo market. In addition, Golden Spread operates an aggregates and cementitious products trucking fleet that supports its ready-mixed concrete and aggregates operations.
"This acquisition supports two of the Company's strategic initiatives with the entrance into a new Texas market with expansion capability and increased vertical integration within our operating footprint," said U.S. Concrete President, CEO and Vice Chairman, William J. Sandbrook. "The Texas Panhandle is a growing and vibrant area with a diverse corporate landscape which will strengthen our West Texas operations. The ability to self-supply aggregates for such a large operation will ensure long-term value for our shareholders. I am excited to welcome the Golden Spread employees to our U.S. Concrete family."
About U.S. Concrete, Inc. U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products. The Company has 177 standard ready-mixed concrete plants, 17 volumetric ready-mixed concrete facilities, and 19 producing aggregates facilities. During 2017, U.S. Concrete sold approximately 9.0 million cubic yards of ready-mixed concrete and approximately 6.2 million tons of aggregates.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This press release contains various forward-looking statements and information that are based on management's beliefs, 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 expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and monitor working capital usage; and the adequacy of current liquidity. 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 complete acquisitions and 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; the availability of refinancing alternatives; results of litigation; 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 or outcomes 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, 2017.
Company Contact Information: U.S. Concrete, Inc. Investor Relations 844-828-4774 [email protected]