THE VIRGINIAN-PILOT
Copyright (c) 1997, Landmark Communications, Inc.
DATE: Thursday, January 16, 1997 TAG: 9701160278
SECTION: BUSINESS PAGE: D3 EDITION: FINAL
SOURCE: BY LON WAGNER, STAFF WRITER
LENGTH: 31 lines
Norfolk-based Tarmac America Inc. said Wednesday it sold lime, asphalt and other businesses acquired last year in an asset swap with George Wimpey PLC.
The sales do not affect Tarmac's core aggregate, cement and ready-mix concrete businesses, the company said. Nor will the 600 workers Tarmac employs in Hampton Roads be affected, said Tim Harkins, vice president of marketing.
Tarmac is one of the country's leading suppliers of construction materials and is owned by United Kingdom-based Tarmac PLC. It has operations throughout the Southeast.
``We are committed to growing our minerals businesses,'' said Bruce Smith, vice president of Tarmac's minerals division. ``These operations were either noncore activities or a poor strategic fit.''
Tarmac said it made strategic sales of:
Two lime production facilities and a limestone quarry in Pennsylvania and distribution depots in Pennsylvania, New Jersey and Delaware to Carmeuse Pennsylvania Inc.
Five asphalt plants and a granite quarry in northern New Jersey to the Weldon family, a New Jersey supplier of construction materials.
A Baltimore asphalt production facility and road contracting business to P. Flanigan & Sons, a Maryland-based road construction and supply business.
``These divestitures allow us to refocus on core operations and add strength to our future investment strategy,'' said Tarmac America CEO John Carr.