Oct 5 2015
Cretex Companies today announced it has sold its subsidiary, Cretex Concrete Products, Inc. (CCP), to HBP Pipe & Precast LLC, the former HeidelbergCement affiliate that operated under the Hanson Building Products name (HBP) based in Irving, Texas. Terms of the transaction were not disclosed.
“Since 1917, Cretex has been largely defined by its top-performing concrete products business, earning a reputation for being the upper Midwest’s leading supplier of precast and prestressed concrete products for the infrastructure market,” said Lynn Schuler, President and Chief Executive Officer of Cretex Companies, Inc. “We are proud of, and will always cherish, the legacy created by all the people who, over the past century, built CCP into an industry leader in safety, quality, and innovation. However, the significant opportunities we see in the strategic expansion of our remaining portfolio of companies made the sale of CCP a logical step for us to take. CCP is a strong business that performed well for Cretex, and we believe it will continue to grow and prosper under HBP’s ownership.”
HBP is a multinational manufacturer of a diversified range of concrete and clay building products with a heritage that dates back to 1931. HBP has grown steadily and in North America employs approximately 3,800 team members across its extensive network of 80 sites supplying products throughout the United States and Canada. They also have additional operations throughout the United Kingdom.
CCP, which employs approximately 800 people, operates a network of 17 manufacturing facilities, providing a complete line of concrete pipe, box culverts, precast drainage structures, prestressed bridge components and ancillary precast products to contractors and end-users in 11 states.
“HBP is a recognized leader in the construction products industry,” Schuler said. “We are confident we are placing CCP in the hands of a team with values and a culture similar to ours, and who will carry on our unwavering commitment to customers, suppliers, and employees.”
“This is a transformational transaction for Cretex,” said Schuler. “With all of our resources now focused on the opportunities we see in our strategic markets, Cretex is in an exceptional position to drive growth and create value for our stakeholders for the next 100 years.”
Source: http://cretexcompanies.com/