DENVER--Summit Materials, Inc. (NYSE: SUM, “Summit”), a leading vertically integrated construction materials company, today announced that it has completed the previously announced acquisition of Boxley Materials Company (“Boxley”), a vertically integrated construction materials company founded in 1892 and based near Roanoke, Virginia.
Boxley and the recently announced American Materials Company acquisition in the Coastal Carolinas together comprise 11 aggregates locations with 0.5 billion tons of reserves, along with four asphalt plants, four ready-mix concrete plants and one architectural products manufacturing facility. These acquisitions, along with Summit’s existing two aggregates operations in South Carolina, establish a strong aggregates-based position in the Mid-Atlantic region.
Tom Hill, CEO of Summit, commented, “We are delighted to team up with a company of Boxley’s heritage and quality. Boxley provides Summit with a substantial presence in the attractive Virginia market under the Boxley name and existing leadership team, and a great foundation for continued growth.”
Ab Boxley, CEO of Boxley, added, “Summit is great fit for Boxley. I have known the Summit team for many years and we are perfectly aligned on strategy, culture and commitment to the customers we serve and the communities in which we operate. On behalf of all the Boxley employees throughout Virginia, we are very excited to become part of Summit and look forward to building on our long and successful history.”
Summit is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mixed concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential, and end markets. Summit has completed more than 35 acquisitions since its founding and continues to pursue growth opportunities in new and existing markets.
For more information about Summit Materials, please visit www.summit-materials.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including with respect to Summit’s anticipated benefits from its acquisition of AMC and of Boxley. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statements may be identified by the use of words such as “may,” “will,” “should,” “anticipate,” “believe,” “expect,” “intend,” “estimate,” “plan,” “outlook” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of solely historical matters. Forward-looking statements are based on information available at the time those statements are made and/or management’s reasonable belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward looking statements. A discussion of factors that may affect future results is contained in Summit’s Annual Report on Form 10-K for the fiscal year ended January 2, 2016 filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time by Summit’s subsequent filings with the SEC. Summit does not intend, and disclaims any obligation, to publicly update or revise any forward-looking statements after the date hereof, except as required by federal securities laws.