EULESS, Texas, Oct. 2, 2017 /PRNewswire/ -- U.S. Concrete, Inc. (NASDAQ: USCR) ("U.S. Concrete" or the "Company") announced today it has acquired the assets of Action Supply Co., Inc. ("Action"), which supplies the Philadelphia metropolitan market with high-quality, high-strength ready-mixed concrete to commercial and infrastructure construction projects. Action's proximity to U.S. Concrete's recently acquired aggregates production facility, Corbett Aggregates Companies, LLC, offers immediate synergies from the vertical integration of fine aggregates.
For 58 years, Action has been known for its service and innovation in the delivery of concrete. Action is Pennsylvania Department of Transportation approved and has the capabilities to meet stringent specifications. Action's well-known projects in Philadelphia include Lincoln Financial Field, Citizens Bank Park, FMC Tower and the South Street Bridge replacement.
"I am thrilled to welcome this new market to our Atlantic Region," said U.S. Concrete President, CEO and Vice Chairman, William J. Sandbrook. "This acquisition continues our strategy of finding great businesses in new markets with future bolt-on and consolidation opportunities. The Philadelphia metro market is a mature and stable market with many of the same attributes in our other successful markets. Action's ability to meet demanding specifications in difficult operating environments fits the U.S. Concrete model and I am pleased to welcome them to our family of companies."
About U.S. Concrete, Inc.
U.S. Concrete serves the construction industry in several major markets in the United States through its two business segments: ready-mixed concrete and aggregate products. The Company has 162 standard ready-mixed concrete plants, 17 volumetric ready-mixed concrete facilities, and 17 producing aggregates facilities. During 2016, U.S. Concrete sold approximately 8.1 million cubic yards of ready-mixed concrete and approximately 5.6 million tons of aggregates.
For more information on U.S. Concrete, visit www.us-concrete.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and information that are based on management's beliefs, as well as assumptions made by and information currently available to management. These forward-looking statements speak only as of the date of this press release. The Company disclaims any obligation to update these statements and cautions you not to rely unduly on them. Forward-looking information includes, but is not limited to, statements regarding: the expansion of the business; the opportunities and results of our acquisitions; the prospects for growth in new and existing markets; encouraging nature of volume and pricing increases; the business levels of our existing markets; ready-mixed concrete backlog; ability to maintain our cost structure and monitor fixed costs; ability to maximize liquidity, manage variable costs, control capital spending and monitor working capital usage; and the adequacy of current liquidity. Although U.S. Concrete believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that those expectations will prove to have been correct. Such statements are subject to certain risks, uncertainties and assumptions, including, among other matters: general and regional economic conditions; the level of activity in the construction industry; the ability of U.S. Concrete to complete acquisitions and to effectively integrate the operations of acquired companies; development of adequate management infrastructure; departure of key personnel; access to labor; union disruption; competitive factors; government regulations; exposure to environmental and other liabilities; the cyclical and seasonal nature of U.S. Concrete's business; adverse weather conditions; the availability and pricing of raw materials; the availability of refinancing alternatives; results of litigation; and general risks related to the industry and markets in which U.S. Concrete operates. Should one or more of these risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those expected. These risks, as well as others, are discussed in greater detail in U.S. Concrete's filings with the Securities and Exchange Commission, including U.S. Concrete's Annual Report on Form 10-K for the year ended December 31, 2016.
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SOURCE U.S. Concrete, Inc.