Forterra, a leading producer of manufactured masonry products,has agreed to acquire the trade and assets of Bison Manufacturing from Laing O’Rourke for £20m.
Forterra said the acquisition would be funded from the group’s existing cash balances and was expected to complete in Q3.
Forterra said: “Bison is the UK market leading manufacturer of hollowcore precast concrete flooring with a highly automated manufacturing facility located at Swadlincote, Derbyshire, which was opened in 2006.
“This acquisition provides a unique and immediate opportunity for Forterra to take a leadership position in the UK precast concrete market whilst also expanding its currently capacity-constrained business.
“It also enables the Group to take advantage of the growing demand for these products in the residential, commercial and infrastructure markets, which are underpinned by Government initiatives to tackle the country’s housing deficit and improve infrastructure.”
At 9:46am: (LON:FORT) Forterra Plc share price was +3.13p at 272.38p
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