We are delighted to announce that Hanson UK is to take full ownership of Midland Quarry Products Limited (MQP). The business will retain its identity and continue to run independently with Simon Willis as Managing Director.
Hanson, part of the HeidelbergCement Group, already owns 50% of MQP and is exercising its contractual pre-emption right to acquire the remaining shares from Tarmac Limited. The transaction is scheduled for completion on April 2.
As announced in November last year, Tarmac (now part of Lafarge Tarmac) had entered into an agreement to sell its stake in MQP to Hope Valley Holdings, a subsidiary of Mittal Investments, as part of a package of disposals required by the Competition Commission to allow the formation of the joint venture with Lafarge. However, the agreement was always subject to Hanson’s right to pre-empt any sale of shares by matching the sale price agreed with Hope Valley Holdings.
Hanson UK CEO, Patrick O’Shea, said: “We are taking this opportunity to assume full ownership of MQP. It is a strong and well run business with good people and good assets and is well placed to benefit from an upturn in construction activity. We plan to develop and grow the business and maintain and build on its high levels of product quality and customer service.”
Simon Willisstressed “there is no change to the way you do business with MQP or to the service you receive from us: The message to employees and customers is that it will be business as usual.”
21 March 2013