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April 4, 2008 |
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TAIHEIYO CEMENT: Unit Acquires Two U.S. Concrete Makers Taiheiyo Cement Corp. acquired SSMC Holdings Corp. for an undisclosed sum on April 2 to bolster its North American operations, Jiji Press reports. According to the report, California Portland Cement Co., a wholly owned unit of Taiheiyo Cement USA Inc., bought all shares in SSMC, the parent of concrete maker Silver State Materials LLC. Silver State, notes Jiji Press, operates eight ready-mixed concrete plants in and outside Las Vegas, while California Portland owns no such plant in the city. Taiheiyo decided on the acquisition to bolster its operations mainly in the city, the report relates. On January 10, Taiehiyo, through is U.S. unit, acquired the business assets of IMIX Group, an Arizona-based producer and seller of ready-mixed concrete and aggregate. In a posting on the company's Web site, Taiheiyo said that "Arizona has tremendous upside potential for population and economic growth, and demand for ready-mixed concrete and aggregate appears poised to continue rising in and around Phoenix, the state's main population center." Acquiring the assets of IMIX, which serves Phoenix and vicinity, gives California Portland the capacity to enter the downstream market in the Phoenix area as well as secure a stable customer for cement manufactured at the Rillito plant. About Taiheiyo Cement Headquartered in Tokyo, Japan, Taiheiyo Cement Corporation -- http://www.taiheiyo-cement.co.jp/ -- formed by the 1998 merger of Chichibu Onoda Cement and Nihon Cement, is Japan's leading cement manufacturer. Taiheiyo's other interests include minerals and aggregates, construction materials (ready-mix concrete and concrete products), and real estate. The company also operates materials recycling businesses that include the conversion of sewage sludge from power plants. Taiheiyo provides real estate management services in the Tokyo area. The Troubled Company Reporter - Asia Pacific reported on June 25, 2007, that Standard & Poor's Rating Services lifted its 'BB' long-term foreign and local issuer credit ratings to 'BB+' Taiheiyo Cement Corporation. The outlook is stable. |
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