Breedon Group is divesting the assets at the direction of the CMA in order to address concerns that the Group's purchase of certain assets from Cemex Investments Limited give rise to a substantial lessening of competition in certain areas. Subject to final confirmation by the CMA of its approval of (i) the undertakings offered by Breedon Group to address the CMA's concerns and (ii) the approval of TQ as a purchaser, the company expects to be in a position to complete the purchase before the year end. The CMA intends shortly to launch a public consultation inviting interested parties to submit their views.
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The 14 sites include a cement terminal in Dundee; two sand and gravel quarries in Collessie and Loanleven; 10 RMX concrete plants in Hartlepool, Stockton, Middlesbrough, Whisby, King's Lynn, Wisbech, Peterborough, Kidderminster, Costessey, and Snetterton; and an asphalt plant and aggregates depot in Ely.
Commenting on the agreement, Wallace Menzies, Director of Tillicoultry Quarries, said: "The purchase of these 14 new sites will allow Tillicoultry Quarries to continue to build on and invest in our existing capabilities, enhancing our offering with more of our core products and opening up in new locations".
Pat Ward, Breedon's Group Chief Executive, also said: "We are very pleased with the outcome of this process and believe it is in the interests all stakeholders.
"It allows Breedon to realise fair value for the assets disposed of, which, together with the people who work in them, will be in good hands under new ownership of Tillicoultry Quarries."
