Rinker Announces Acquisition of Hard Rock Quarries and Sand Mines in North Queensland
20 Mars 2007 - 2:00PM
PR Newswire (US)
SYDNEY, Australia, March 20 /Xinhua-PRNewswire-FirstCall/ -- Rinker
Group Limited (Rinker) (ASX:RIN)(NYSE:RIN) today announced the
acquisition of three hard rock quarries and two sand mines in the
fast-growing region of Mackay, in north Queensland. The acquisition
was made by Rinker's Australian subsidiary, trading as Readymix. It
is a small bolt-on to the existing Readymix operations in the area,
which comprise concrete plants in Mackay, Nebo and Sarina. The
vendors are John and Pat Croyden, trading as JT & PA Croyden
Pty Ltd ("Croyden"). Croyden has been a major supplier of
aggregates and sand to Readymix for several years. Not all of the
operations are currently producing material. The Mackay region is
one of the fastest-growing areas in Queensland, and is experiencing
strong economic growth, driven by demand for coal and other
exports. Mackay is expected to benefit from significant growth in
residential and infrastructure development over the next 20 years.
Readymix chief executive Peter James said the Croyden acquisition
enables Readymix to integrate backwards into aggregates and sand
following the purchase of Edwards Concrete in 2003, which included
the Sarina and Nebo concrete plants. "Croyden creates an integrated
quarries and concrete business in the region, and will enable us to
supply our customers more effectively," he said. "The quarries will
serve the local market with concrete aggregates and road base." The
acquisition is expected to earn above its cost of capital within
the first year. Rinker has invested around US$2 billion in more
than 50 acquisitions since 1998, together with around US$1 billion
in the development of new quarries and operating plants and
expansion of the base business. One of the world's top 10
construction materials groups, Rinker has operations in aggregates,
cement, concrete, asphalt and concrete pipe and products. Annual
revenue is over US$5.1 billion. Rinker has over 13,000 employees in
774 sites across the US, Australia and China. Around 80 per cent of
group revenue comes from the US. Important Legal Information This
communication has been made public by Rinker Group Limited
("Rinker"). Investors are urged to read Rinker's Target's Statement
and Solicitation/Recommendation Statement on Schedule 14D-9
(including each exhibit thereto), which was filed by Rinker with
the U.S. Securities and Exchange Commission (the "SEC") on November
28, 2006, and all amendments thereto, as they contain important
information. Copies of the Solicitation/Recommendation Statement
(including this Target's Statement and the other exhibits thereto)
are, and other public filings made from time to time by Rinker with
the SEC which are related to the offer (the "Offer") by Cemex
Australia PTY Ltd, a wholly-owned subsidiary of Cemex S.A.B. de
C.V., will be, available without charge at the SEC's website at
http://www.sec.gov/ or at Rinker's website at
http://www.rinker.com/ . This communication contains a number of
forward-looking statements based on management's current views,
expectations and beliefs as of the date of this communication. Such
statements can be identified by the use of forward- looking
language such as "may," "should," "expect," "anticipate,"
"estimate," "scheduled," or "continue" or the negative thereof or
comparable terminology. Such forward-looking statements are not
guarantees of future results or performance and involve risks,
uncertainties and other factors, including: the general economic
and business conditions in the United States and Australia; trends
and business conditions in the building and construction
industries; the timing and amount of federal, state and local
funding for infrastructure; competition from other suppliers in the
industries in which Rinker operates; changes in Rinker's strategies
and plans regarding its ongoing business strategy, acquisitions,
dispositions and business development; Rinker's ability to
efficiently integrate past and future acquisitions; compliance
with, and potential changes to, governmental regulations related to
the environment, employee safety and welfare and other matters
related to Rinker; changes in interest rates, weather and other
natural phenomena, energy costs, pension costs; healthcare costs;
outcomes of legal hearings such as the Lake Belt challenge and
other risks and uncertainties identified in our filings with the
Australian Stock Exchange and the SEC. Rinker can give no
assurances that actual results would not differ materially from any
forward-looking statements contained in this communication,
particularly in light of the many risks and uncertainties regarding
the Offer. None of Rinker, Rinker's officers, any persons named in
the Target's Statement with their consent or any person involved in
the preparation of the Target's Statement makes any representation
or warranty (express or implied) as to the accuracy or likelihood
of fulfilment of any forward-looking statement, or any events or
results expressed or implied in any forward-looking statement,
except to the extent required by law. You are cautioned not to
place undue reliance on any forward-looking information. For
further information, please contact Debra Stirling Tel:
+61-2-9412-6680 Mobile: +61-419-476-546 DATASOURCE: Rinker Group
Limited CONTACT: Debra Stirling of Rinker Group Limited,
+61-2-9412-6680, or +61-419-476-546 Web site:
http://www.rinker.com/
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