Australia's Rinker expands into US northwest through acquisition |
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Published
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Sun, 21 Jan 2007 23:39
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SYDNEY (XFN-ASIA) - Rinker Group Ltd, under an 11.7 mln usd takeover bid from Mexico's Cemex SA, said it has expanded its US operations into the northwest US through the acquisition of privately owned Oregon construction materials manufacturer Walling Sand & Gravel.The group did not disclose the purchase price.It said the Salem-based Walling group is number two in the local market with a 25 pct market share.Rinker chief executive David Clarke said the US northwest is an attractive growth market, making the acquisition a good strategic fit for its US operations.Rinker already earns more than 80 pct of its income in the US.Its board has rejected Cemex's hostile bid of 13 usd a share.bruce.hextall@xfn.com
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