Key Developments: US Concrete Inc (USCR.W)
15.00USD
14 May 2013
$-0.16 (-1.06%)
$15.16
$15.00
$15.00
$15.00
100
62
$15.89
$5.25
Latest Key Developments (Source: Significant Developments)
US Concrete Inc Expands Credit Facility
US Concrete Inc announced that it has amended its asset based credit agreement to increase the total commitments under the facility from $80 million to $102.5 million. The expiration date of the credit facility remains July 1, 2015 and the facility retains an uncommitted accordion feature that may allow for an increase in the total commitments under the facility to as much as $125 million. Full Article
US Concrete Inc's Smith Precast., Inc. Sells Arizona Precast Operations
US Concrete Inc announced that its wholly owned subsidiary, Smith Precast., Inc., a Delaware corporation, completed the sale of substantially all of its assets for $4.27 million in cash and the assumption of certain obligations by Jensen Enterprises, Inc., dba Jensen Precast, a Nevada corporation. The proceeds from the sale of Smith Precast will be used to repay debt under our revolving credit facility and create liquidity for earnings enhancing activities such as acquisitions and organic growth opportunities. Full Article
US Concrete Inc's Central Concrete Supply Co., Inc. Announces Agreement To Acquire Bode Gravel Co And Bode Concrete LLC
US Concrete Inc announced that its wholly owned subsidiary, Central Concrete Supply Co., Inc., has executed a definitive equity purchase agreement (the Purchase Agreement) with Randolph R. Boardman and Terri L. Boardman Trustees under the Randolph R. Boardman and Terri L. Boardman Family Trust Agreement dated January 21, 1997, Douglas H. Boardman and Lauren Boardman, Trustees of the Douglas H. Boardman and Lauren Boardman Family Trust, Danvers M. Boardman, III, Trustee under the DMB III Trust Agreement dated July 12, 2008 and Kathy M. Boardman, Trustee under the KMSB Trust Agreement dated June 26, 2008 (collectively, the Sellers) and Randolph R. Boardman, Terri L. Boardman, Douglas H. Boardman, Lauren Boardman, Danvers M. Boardman III and Kathy M. Boardman, as individuals (collectively, the Trustees), to acquire all of the issued and outstanding equity interests of Bode Gravel Co., a California subchapter S corporation (Bode Gravel) and Bode Concrete LLC, a California limited liability company (Bode Concrete). Bode Gravel and Bode Concrete operate two ready-mixed concrete plants, including one new portable plant, and 41 mixer trucks in the San Francisco area and produced approximately 243,000 cubic yards of ready-mix concrete in 2011. The purchase price for the Equity Interests is $24.5 million in cash payable at closing. The Company intends to pay the closing date consideration from cash on hand and borrowings under the Company's existing credit facility. Full Article
US Concrete Inc Appoints Chief Financial Officer-Form 8-K
US Concrete Inc reported in its Form 8-K that on August 7, 2012, the Board of Directors of the Company appointed William Matthew Brown as the Company’s Senior Vice President and Chief Financial Officer (CFO), effective as of August 22, 2012. Full Article
U.S. Concrete, Inc. Signs License Agreements With Ready Mix Concrete Producers To Manufacture Company's Aridus Rapid Drying Concrete
U.S. Concrete, Inc. announced that it has signed license agreements with ready mix concrete producers to manufacture its technology, Aridus Rapid Drying Concrete. Aridus is a ready mix concrete solution for preventing floor covering failures that result from excess moister vapor in concrete slabs, an industry-wide problem that costs millions of dollars annually in damage, downtime, repair and replacement. The licensees include Stoneway Concrete, Inc., Prairie Materials, Cemstone, Irving Materials, Inc., Bayou Concrete, and MMC Materials, Inc. Under the terms of the agreement, the licensed ready mix concrete producers are granted the right to utilize Aridus mix designs and access to all support materials to manufacture Aridus at the their licensed facilities. The agreement also includes the exclusive right to market and sell Aridus in selective locations. Full Article
U.S. Concrete, Inc.'s Redi-Mix, LLP Receives Infrastructure Project In Dallas
U.S. Concrete, Inc. announced that its Redi-Mix, LLP operation in Dallas/Fort Worth has been selected by Trinity Infrastructure, LLC as the concrete supplier for a major section of the LBJ Express project in Dallas, Texas. Redi-Mix will supply concrete for the western section of the project along Interstate 635 and Interstate 35, with an estimated 250,000 cubic yards of concrete and project revenue of approximately $20 million. U.S. Concrete's phase will begin immediately and is expected to be completed by December 2014. Securing this project further solidifies U.S. Concrete's position as a major material supplier to the heavy highway construction segment in north Texas. The project will feature redevelopment and expansion of major traffic corridors that will help reduce travel delays, enhance safety, provide mobility choices and help reduce the carbon footprint often associated with idling traffic. Full Article
U.S. Concrete, Inc. To Appoint William J. Sandbrook As President And Chief Executive Officer
U.S. Concrete, Inc. announced that the Company's Board of Directors will appoint William J. Sandbrook as the Company's President and Chief Executive Officer, and a Director, on August 22, 2011. Mr. Sandbrook joins the Company from Oldcastle Products and Distribution, where he serves as Chief Executive Officer, and is responsible for three product groups: BuildingEnvelope, Building Products and Distribution. He was formerly Chief Executive Officer of Oldcastle Architectural after serving as President of Oldcastle Materials' West Division. Mr. Sandbrook succeeds Michael W. Harlan, who previously announced his plans to step down. Mr. Harlan was one of the founders of the Company, and served as its President and Chief Executive Officer for the past four years. Full Article
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