Titan America LLC, a subsidiary of Titan Cement Company S.A. announced today the acquisition of S&W Ready Mix Concrete Company (‘S&W’), a primary supplier of ready mix concrete in the coastal North and South Carolina markets. The acquisition of S&W complements Titan’s concrete strategy and greatly accelerates its recently announced concrete expansion program in North Carolina.
Titan will pay $235 million plus working capital and other adjustments, for 100% of the business in cash. The business generated an EBITDA of close to $ 48 million in 2006, an exceptional year given high market demand. S&W operates from 26 ready mix plants in strategic locations in the fast growing Myrtle Beach, South Carolina and Wilmington, North Carolina markets.
Titan’s activities in this region include a major cement plant in Roanoke, Virginia, a cement import terminal in Norfolk, multiple cement rail terminals, ready mix concrete plants and a fly ash processing and marketing business. Titan America is one of the premier heavy building materials producers in the Eastern United States, headquartered in Norfolk, Virginia. Its parent, Titan Cement Company, S.A. is headquartered in Athens, Greece.
Titan is an independent cement and building materials producer, based in Greece. Titan owns and operates 11 cement plants in six countries. In 2006 the Group sold more than 16 m. tons of cement and cementitious materials, 6 m.m3 of ready mixed concrete, over 22 m. tons of aggregates and various other building materials like concrete blocks, dry mortars etc.