Bluegrass Materials Co. reached an agreement to purchase the assets of Lafarge North America’s Maryland aggregates business, which includes operations in the greater Baltimore area and western Maryland.
The $320 million deal comes as the latest step in Lafarge’s broad asset sales program, which it launched in 2011 in a bid to bring in cash and reduce its debt. Lafarge has already sold cement and concrete assets in the U.S. as well as plaster assets in different parts of the world.
“This acquisition significantly expands our footprint along the eastern seaboard and we are delighted to bring these quarries and their employees into the Bluegrass family,” said Ted Baker II, CEO of Bluegrass Materials.
Bluegrass Materials Co. LLC is a wholly owned subsidiary of Panadero Aggregates Holdings, LLC. Panadero was formed in 2010 by John D. Baker II and Ted Baker II, formerly of Florida Rock Industries, to acquire, develop and operate aggregates and other related construction materials businesses.
The company currently owns and operates 11 rock quarries, one sand plant and two concrete block manufacturing plants located in Kentucky, Tennessee, South Carolina and Georgia.