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Hanson seals £160m US acquisition

Materials giant Hanson has sealed its £160 million acquisition of Material Service Corporation from US listed company General Dynamics Corporation.

The move for the firm will increase Hanson's annual aggregates volume in the US by

around 15 per cent.

Material Service is the thirteenth largest producer of aggregates in the US, and will be managed within Hanson's Aggregates North America operation. It employs more than 800 people in Illinois and western Indiana, and is estimated to have around 1.5 billion tons of aggregate reserves.

The two companies agreed the cash deal on March 2. Hanson expects the move to be earnings enhancing in the first full year of ownership.

Material Service was established in 1919 by the Crown family and Lester Crown will remain in his current post as chairman.'

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