3rd Sep 2014 06:47
LONDON (Alliance News) - Breedon Aggregates Ltd Wednesday said it has bought a 50% stake in H V Bowen & Sons (Holdings) Ltd, the owner and operator of Tan-y-Foel quarry near Welshpool, giving it an interest in about 3.4 million tonnes of high 'polished stone value' aggregates, a scarce resource that's in big demand for road resurfacing.
The company didn't provide any financial details about the acquisition, but said it was funded in cash from its own resources.
Sources of high 'polished stone value' aggregates are very scarce and Tan-y-Foel has some of the highest quality reserves in the country, according to Breedon. The stone has a high skid resistance and is therefore in great demand for surfacing roads with heavy traffic flows.
H V Bowen also operates a ready-mixed concrete plant. It will continue to trade as H V Bowen and will be jointly managed by Breedon and the Bowen family, who have owned and operated the quarry for more than 70 years.
Breedon, meanwhile, already owns a sand and gravel quarry near Mold in North Wales, but its new joint venture with H V Bowen expands the company's operations into mid-Wales for the first time.
"We're pleased to have secured access to some of the highest quality PSV stone in the country, which will provide a ready supply of this key aggregate to our asphalt plants. It will also enable us to extend our reach into an important new market for aggregates and readymix," Breedon Chief Executive Tim Hall said.
By Steve McGrath; [email protected]; @stevemcgrath1
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