Hanson announces sale and acquisition

Hanson has today (Tuesday) completed the sale of its Texas and Arkansas ready-mixed concrete operations for $77m in cash.

Sold to Southern Star Concrete, the sale involves 63 active ready-mixed concrete plants and associated distribution assets which serve the Dallas/Fort Worth and Houston markets.

The building materials giant has also completed the $149m acquisition of US aggregates producer Better Materials.

Alan Murray, chief executive of Hanson, said: "Since the beginning of the year, Hanson has completed cement and ready-mixed concrete disposals in Texas totalling $202m.

"In line with our stated strategy of expanding in our core products and markets, we have successfully reinvested these proceeds and swapped assets in value-adding transactions which build-up existing operations, principally in US aggregates.

"The net effect of the transactions completed in the year to date is to increase Hanson's planned mineral reserves by over 650m tons," added Murray.