Concrete Products

FEB 2018

Concrete Products covers the issues that attract producers of ready mixed and manufactured concrete focusing on equipment and material technology, market development and management topics.

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36 • February 2018 BRIEFS PRODUCERS PRODUCERS Cemex USA and Rinker Materials veteran Karl Watson Jr. has joined Denver-based Summit Materials as executive vice president and chief operating officer, succeeding Douglas Rauh. He arrives at the ready mixed, cement, aggre- gates and asphalt producer with 25-plus years in construction materials, most recently serv- ing as president of Martin Marietta Materials' Cement & Southwest Ready Mix business. Prior to Martin Marietta, Watson led Houston-based Cemex USA. He transitioned to that role from Rinker Group, where he held senior executive posts in North America and Australia—ahead of the Cemex S.A.B. de C.V. takeover in 2007. Watson is a past (2011) National Ready Mixed Concrete Associa- tion chairman and National Stone, Sand & Gravel Association director, and currently serves on the Portland Cement Association executive committee and Texas Aggregates & Concrete Association board. "His depth and breadth of experience in our industry will add impactful leadership to our already strong team," affirms Summit CEO Tom Hill. "I am confident that Karl will make a great partner as we strengthen Summit for our next phase of growth." U.S. Concrete, Inc. has acquired the assets of On Time Ready Mix Inc., which serves mid- to high-rise commercial and residen- tial building segments in Queens, N.Y. The deal expands and strengthens U.S. Concrete's market recovery platform currently served by Brooklyn-based USC-Kings LLC, allowing the producer to more effectively compete for non-union projects. "This acquisition demonstrates our com- mitment to investing in growth segments throughout our business and is key to the future of our very active market recovery operations," say U.S. Concrete CEO William Sandbrook. "Integrating ready-mixed con- crete producers means finding successful businesses to serve the right markets for growth. Our ability to create cost-saving, streamlined operations will enhance our customer experience and ensure Kings' con- tinued success." The On Time transaction proceeded by two weeks another bolt-on deal involving Cher- okee Bridge and Road Inc., a three-plant, Junction, Texas operator serving Kimble and Menard Counties. The business will become part of U.S. Concrete's Ingram Concrete LLC subsidiary in west Texas. Lehigh Hanson parent company Heidelberg- Cement AG estimates a €200 million ($240 million) charge against net 2017 profit due to accounting measures stemming from the Tax Cuts and Jobs Act—the sweeping tax reform President Donald Trump signed late last year. The law reduces the federal corporate tax rate from 35 percent to 21 percent, but requires companies like HeidelbergCement to recal- culate loss carried-forwards and deferred tax assets on losses in their consolidated 2017 financial statements. However, the one-time action will not impact earnings before tax or cash flow in 2017, HeidelbergCement notes, adding that the new U.S. tax rate will posi- tively affect group net profit and cash flow beginning in 2019. The board of directors of AltusGroup, Inc., a collaboration of 20-plus precast/prestressed concrete, has elected as chairman Dave Schneider, vice president of Engineering at High Concrete Group, Denver, Pa. He suc- ceeds Tony Smith of Metromont Corp., and will serve a two-year term ending at the orga- nization's 2019 annual meeting. Rounding out the officer slate named during the Altus- Group 2017 General Meeting are Harry Gleich

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