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Wed July 31, 2024
Heidelberg Materials
Heidelberg Materials North America announced that it has entered into a definitive purchase agreement to acquire Carver Sand & Gravel, the largest aggregates producer in the Albany, N.Y., area.
Included in this acquisition are four quarries, three sand and gravel pits, two asphalt plants, 70 million metric tonnes of aggregate reserves, a logistics business and approximately 200 employees. Heidelberg Materials and Carver Companies also have agreed on a strategic partnership in the Albany area for land and marine logistics.
"We are continuing to grow our U.S. business in line with our strong focus on deepening our footprint in local core markets," said Dominik von Achten, chairman of the managing board. "Such targeted investments contribute towards further top and — through synergies — bottom line growth in the attractive North American market while accelerating our green transformation."
"Our latest investment reflects yet another bolt-on acquisition aimed at expanding our North American business in a regional growth market," said Chris Ward, president and CEO of Heidelberg Materials North America. "We are excited to complement our existing vertically integrated footprint in central New York and expand our reach into the attractive Capital Region surrounding Albany, the capital of New York State."
Carver Sand & Gravel is an established materials producer based in New York's Capital Region, a vibrant and diverse area that is close to all major markets of the Northeastern United States. A recognized tech hub, the Capital Region also is home to 23 higher education institutions and a host of growth industries, including digital innovation development, clean energy and semiconductors.
Carver Sand & Gravel sells approximately 1.8 million metric tonnes of materials annually with a capacity of around 3 million metric tonnes per year.
Earlier in July, Heidelberg Materials already expanded its presence in two of the fastest-growing areas in the United States by acquiring Highway Materials Inc., one of the largest independent aggregates and asphalt producers in the greater Philadelphia market, as well as two companies in Texas: Victory Rock, a producer of high-quality aggregates for concrete and asphalt as well as other related products with two well-positioned quarries, and Aaron Materials, an established concrete recycler and materials producer whose operations include concrete crushing, stabilized materials and a volumetric concrete business.
Both parties have agreed not to disclose the financial terms of the transaction. The acquisition is expected to be completed in the third quarter of 2024.
For more information, visit heidelbergmaterials.com.