Forterra, Inc., a manufacturer of water and drainage infrastructure pipe and products is set to be acquired by Quikrete Holdings, Inc. for $2.74 billion. Upon completion of the transaction, Forterra will become a privately held company.
CEO of Quikrete Holdings, Inc Will Magill said: “Forterra and Quikrete are an ideal strategic fit, and this combination is a natural next step for our company, enabling us to better serve our customers across the company on their concrete projects from start to finish. We are excited to grow our capabilities in the potable water distribution market through Forterra’s well-respected U.S. Pipe business. We are excited to welcome the Forterra team and bring our two great companies together.”
Forterra CEO Karl Watson, Jr. said: “We are pleased to announce this transaction with Quikrete, which delivers a compelling cash premium to our shareholders. We admire Quikrete’s impressive 80-year history and commitment to delivering superior service and products to customers. Over the past two years, we have made significant progress executing on our five improvement pillars of safety, plant-level operational discipline, enhanced commercial capabilities, working capital efficiency, and general and administrative expense effectiveness.”
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