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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.

© Reuters. FILE PHOTO: A general view of Heidelberg Materials cement plant at Kattameya district in Cairo, Egypt September 4, 2023. REUTERS/Shokry Hussien/File Photo

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.



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