Heidelberg Materials buys U.S. firm Giant Cement for $600 million
2024.11.28 02:30
BERLIN (Reuters) – Heidelberg (ETR:) Materials 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.
