Denver-based Summit Materials said Monday it has completed a $450 million acquisition of a cement plant in Davenport, Iowa, and seven terminals along the Mississippi River Valley.
Summit Materials used $350 million in cash that it raised in a senior note offering this month, as well as additional funds from an expansion in its credit line, to purchase the assets from Lafarge North America.
The company’s Continental Cement subsidiary, which has a plant in Hannibal, Mo., and a terminal in St. Louis, will rank as one of the region’s top three cement producers.
Summit agreed to swap a terminal in Bettendorf, Iowa, as part of the deal. The acquired plant in Iowa has a capacity of 1.2 million short tons, similar to the capacity of the Hannibal plant.
Summit went public in March in a . Besides cement and ready-mix concrete, the company provides aggregates and asphalt.
