Acquisition
27 9월 2002 - 4:00PM
UK Regulatory
RNS Number:6798B
CSR Ld
26 September 2002
RINKER ACQUISITION OF KIEWIT MATERIALS COMPANY SUCCESSFULLY COMPLETED
CSR Limited subsidiary Rinker Materials Corporation ("Rinker") has successfully
completed the US$540 million acquisition of Kiewit Materials Company ("Kiewit
Materials"), a major integrated aggregates, concrete and asphalt company with
operations in Arizona and other western states of the United States.
Rinker today announced the successful completion of its cash tender offer, at
US$17 per share, for all of the outstanding common stock of Kiewit Materials.
The tender offer expired at 5 pm (EST) on 25 September 2002. All necessary
regulatory approvals have also been received.
Based on preliminary information provided by the depositary, a total of 37.5
million Kiewit Materials shares of common stock were validly tendered and not
withdrawn, representing approximately 98.3% of the 38,118,248 shares
outstanding. All validly tendered shares have been accepted for purchase and
payment in accordance with the terms of the offer.
Because Rinker acquired greater than 90% of the outstanding Kiewit Materials'
shares, all remaining shares are expected to be compulsorily acquired at the
same price. The US$540 million purchase price, net of projected cash at
closing, is for 100% of the outstanding common stock in Kiewit Materials
Kiewit Materials is the 16th largest aggregates producer in the US, centred in
the high population growth regions of the west and southwest US. It is the
leading materials supplier in Arizona, the second-fastest growing state in the
US, with a long term population growth rate around three times the US national
average.
CSR Managing Director and Chief Executive Peter Kirby said the acquisition of
Kiewit Materials lifts both Rinker's current aggregates and premix concrete
output by around 50%. It gives Rinker strong positions in a number of states
including the leading position in Arizona.
"The acquisition is a major strategic expansion for Rinker in the US, and
provides excellent opportunities for further growth in the west and southwest of
the US," he said.
Including the Kiewit Materials operations, Rinker will be the fifth largest
aggregates producer in the U.S., supplying over 84 million tons per year, and
the second largest producer of pre-mix concrete, supplying over 13 million cubic
yards each year.
Around 80% of Kiewit Materials' operations are in Arizona. Operations are also
located in:
* The Pacific North-West, around Portland, Oregon and south-west
Washington
* In California, in the north San Francisco Bay area between Vallejo and
Sacramento, and in the Yolo Valley in central California
* In Wyoming, Nebraska, Utah and New Mexico.
Operations include 44 aggregates facilities, including 8 hard rock quarries,
supplying 28 million tons of aggregate a year. Kiewit Materials also produces
4.7 million cubic yards of concrete a year in 60 plants, and 3.4 million tons of
hot-mix asphalt in 16 asphalt plants. Aggregate reserves total over 800 million
tons, with reserve life averaging over 30 years.
Kiewit Materials Corporation President Chris Murphy has been appointed
President, Rinker Materials West Division.
The CSR Group is the world's ninth largest heavy building materials group of
companies, with sales revenue of Australian $7 billion, operating cash flow of
Australian $1.4 billion and around 16,000 employees in over 600 sites across the
U.S., Australia, New Zealand and Asia.
For further information, please contact Debra Stirling on 61 2 9235 8040 or 0419
476 546
26 September 2002
C&IR 03/03
This information is provided by RNS
The company news service from the London Stock Exchange
END
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