Breedon has completed its acquisition of CEMEX UK’s assets and operations but their integration has been put on hold pending a competition investigation.
The construction materials group said the acquisition brings with it a portfolio of high-quality, well-located operations with a strong team of some 650 employees and a further 170 million tonnes of mineral reserves and resources.
It added that it will strengthen Breedon’s regional footprint in the UK and provide a platform for future expansion.
Breedon announced the deal in January and completed the acquisition on 31 July but the Competition and Markets Authority (CMA) has instructed that the assets should be held separate from Breedon until it has completed its investigation.
The CMA is presently undertaking a Phase 1 investigation, with a deadline for initial conclusions on 26 August.
Breedon said that following the conclusion of the CMA’s investigation, which could still take several months, and subject to the outcome of that investigation, the assets are expected to be incorporated into Breedon’s UK business.
In the meantime, the assets will be operated as Pinnacle Construction Materials, a newly-created ring-fenced business led by an independent management team and operating from its own offices.
Breedon said Pinnacle offers a comprehensive range of heavy building materials, including aggregates, asphalt, ready-mixed concrete, concrete products and cement, together with contracting services, from approximately 100 locations in England, Wales and Scotland.
