Eagle Materials Inc. announced that the company has sold its Western Aggregates and Mathews Readymix operations for $93.5 million to Teichert, a California-based construction company.
Western Aggregates vested-rights-to-mine covers 3,900 acres and includes over 900 million tons of aggregates. Mathews Readymix assets include three concrete batch plant locations and 26 trucks.
Michael Haack, Eagle Materials president and chief executive officer, commented, “This transaction represents the sale of non-core assets on the heavy-side of our company. In using the term ‘non-core’ I mean that they do not provide essential support to our primary cement plant network. We are especially keen on having the most strategically coherent set of heavy-side assets established in advance of our previously announced spin-off. These divestitures along with the integration of the Kosmos cement plant acquisition, create a focused heavy materials business with a broad capability to serve U.S. heartland cement markets.”
Eagle Materials manufactures and distributes cement, gypsum wallboard, recycled paperboard, concrete, sand and aggregates, from more than 75 facilities across the United States. Eagle is headquartered in Dallas.
Teichert is a construction and construction materials company that has operated in California since 1887. Teichert Aggregates has locations throughout Northern and Central California that serve a wide array of customers.