Heidelberg Materials buys U.S. firm Giant Cement for $600 mln

+0.04%

+0.15%

Dow Jones Industrial Average

DJI

43314.65

+0.04%

S&P 500 index

SPX

6042.73

+0.04%

NASDAQ

IXIC

20060.48

+0.15%

BERLIN, Nov 28 (Reuters) - Heidelberg Materials HEIG.DE has struck a deal to buy U.S. company Giant Cement Holding and its subsidiaries for $600 million, it said on Thursday, the latest acquisition by the German company to expand its foothold in the United States.

The transaction, to be completed in the first quarter of 2025, is expected to contribute around $60 million in earnings before interest, taxes, depreciation and amortization (EBITDA) in the first year of operation, "before significant additional synergies", Heidelberg said in a statement.

"The acquisition ... will further strengthen our cementitious footprint in the growing Southeastern US and New England markets," said Chris Ward, CEO of Heidelberg Materials North America.

(Reporting by Rachel More, editing by Thomas Seythal)

((rachel.more@thomsonreuters.com;))

More This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.