News release
9 April 2014
BREEDON AGGREGATES LIMITED
("Breedon" or the "Company")
Conclusion of Competition Authority's Review of Scottish Acquisition
Breedon notes the publication today of the Competition & Markets Authority's (CMA) final report on its investigation into the Company's acquisition of Aggregate Industries' (AI) business in northern Scotland. The report confirms the CMA's provisional findings, published on 6 February 2014, which require Breedon to dispose of a ready-mixed concrete plant in the Peterhead area and an asphalt plant in the Aberdeen area, and to give undertakings in respect of its asphalt plants in the Inverness area.
The Company will now work with the CMA to finalise the terms of these divestments and undertakings within 12 weeks. Breedon has every intention of reaching agreement with the CMA as quickly as possible, in order that it can expedite the sale of the assets concerned and proceed with the full integration of the former AI businesses.
Further announcements will be made in due course.
The Company will update the market on current trading in its AGM statement on 17 April 2014 and will release its interim results for the 6 months ending 30 June 2014 on Thursday 17 July 2014.
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Note to editors
Breedon Aggregates is the largest independent aggregates business in the UK after the four global majors. It operates 38 quarries, 22 asphalt plants, 51 ready-mixed concrete plants and two concrete block plants in England and Scotland and employs approximately 1,000 people. The group has strong asset backing, with around 400 million tonnes of mineral reserves and resources in the UK. Breedon Aggregates' strategy is to grow through consolidation of the UK heavyside building materials sector.
Enquiries:
Breedon Aggregates Limited
Simon Vivian, Group Chief Executive
Rob Wood, Group Finance Director
01332 694010
Stephen Jacobs, Head of Communications
07831 764592
Cenkos Securities (NOMAD and joint broker)
Max Hartley, 020 7397 8900
Peel Hunt (joint broker)
Justin Jones / Mike Bell, 020 7418 8900
