SOURCE: U.S. Concrete, Inc.

U.S. Concrete, Inc.

May 22, 2015 06:00 ET

U.S. Concrete Strengthens Operations in New York Metropolitan Area With Acquisition of Colonial Concrete Company

EULESS, TX--(Marketwired - May 22, 2015) - U.S. Concrete, Inc. (NASDAQ: USCR) announced today that it has completed the acquisition of Colonial Concrete Company ("Colonial"), in Newark, N.J. Colonial serves the northern New Jersey market through its three ready-mixed concrete batch plants and fleet of approximately 40 mixer trucks.

Colonial has an established and respected market presence in New Jersey with over 35 years of operating experience serving the commercial and residential end markets. The northern New Jersey market is poised for strong growth driven by population expansion and economic development. Several of Colonial's recent high-profile projects include the Red Bull Arena in Newark, N.J. and the Meadowlands Sports Complex in East Rutherford, N.J.

"We are very excited to complete this acquisition which further strengthens our footprint in this thriving New York metropolitan submarket," said William J. Sandbrook, U.S. Concrete President and CEO. "Colonial's attention to quality and pride in customer service will be a great fit for our business as we integrate these assets onto our platform, realize potential synergies and enhance our vertically integrated capabilities. We expect this acquisition to contribute positively to our overall operations immediately and we remain focused on sourcing additional opportunities to accretively expand our platform in our select target markets across the nation."

About U.S. Concrete
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 135 standard ready-mixed concrete plants, 16 volumetric ready-mixed concrete facilities, and 10 producing aggregates facilities. During 2014, U.S. Concrete sold approximately 5.7 million cubic yards of ready-mixed concrete and approximately 4.7 million tons of aggregates. For more information on U.S. Concrete, visit www.us-concrete.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's belief, 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 stability of the business; ready-mix backlog; ability to maintain our cost structure; ability to maximize liquidity, monitor fixed costs, 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; 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, 2014 and subsequent Quarterly Reports on Form 10-Q.

Contact Information

  • Company Contact:
    Matt Brown
    SVP & CFO
    U.S. Concrete, Inc.
    817-835-4105