U.S. Concrete acquires permitted reserves.
U.S. Concrete announced that it acquired the Wantage Stone reserves, a site development quarry including an 80-acre land parcel along with mining rights to an additional 77 acres of land located in Hamburg, N.J. The company has operated the quarry under a lease agreement since October 2014.
The Wantage Stone reserves will continue to enhance U.S. Concrete's ability to serve the northern New Jersey and New York metropolitan markets with a combined 19 million tons of proven and permitted reserves and a further 19 million tons of unpermitted, yet available additional reserves, the company said. The reserve position and increased production capacity strengthens the company's mix of internally supplied aggregates and aggregates sales to new and existing customers.
"The acquisition of these aggregate assets is directly aligned with our strategic objectives to expand our construction material operations and strengthen our vertically integrated capabilities," said President and CEO William J. Sandbrook. "Furthermore, this quarry provides an extremely rare opportunity, due to permitting restrictions, of opening anew quarry in northern New Jersey. Our balance sheet strength and extensive operational experience in aggregate operations allowed us to complete this very attractive addition to our aggregate reserve position. This is another step forward for our company as we continue to grow our regional market share, source vertically integrated operational synergies and improve our overall profitability."
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|Title Annotation:||PERMITTING; Wantage Stone|
|Author:||Kuhar, Mark S.|
|Article Type:||Brief article|
|Date:||Dec 1, 2015|
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