Tell City, Ind.-based Mulzer Crushed Stone has been purchased by Oldcastle Materials. Oldcastle also concluded several smaller stone, aggregate and asphalt transactions in Connecticut, Minnesota, Washington and Montreal that complement the company's South, North, Central and West Divisions, along with CRH Canada.
Totaling about $530 million, the deals were chiefly funded from $425 million in proceeds from the January-February 2017 sale of CRH Europe assets, led by a cement plant in Germany, plus precast concrete and clay product businesses accompanying five other deals in four other mainland countries.
“Development activity in the first two months of 2017 demonstrates both our strong pipeline and commitment to value-accretive portfolio management,” said CRH Chief Executive Albert Manifold. “With the disposal transactions announced [March 1], proceeds from divestments since 2014 will have reached €2 billion [$2.13 billion], and the Group continues to reinvest these proceeds to strengthen our core existing businesses and expand our operations.”
Mulzer Crushed Stone traces its history to three brothers, Edgar, Arnold and Roland Mulzer, who started a small construction company. The company grew steadily after World War II and began quarrying stone in Perry, Crawford and other counties. Today, the company has more than 600 plus employees in three states. It operates quarries, retail yards and a barge line.
Oldcastle, the North American arm of CRH plc, has more than 1,700 facilities in 50 states and six Canadian provinces. Oldcastle has 40,000 employees.