The deal to offload the mainly ready-mixed concrete plants assets is subject to Breedon itself securing competition authority clearance for a £178m deal to buy around 100 Cemex sites around the UK.
The CMA called for disposals after it warned the Cemex deal could result in a substantial lessening of competition, leading to higher prices for construction projects.
The sale will include 10 ready-mixed concrete plants in Hartlepool, Stockton, Middlesbrough, Whisby, King’s Lynn, Wisbech, Peterborough, Kidderminster, Costessey, and Snetterton.
It also sees change hands an asphalt plant and aggregates depot in Ely; two sand and gravel quarries in Collessie and Loanleven; and a cement terminal in Dundee.
Pat Ward, Breedon’s group Chief Executive, said: “We are very pleased with the outcome of this process and believe it is in the interests all stakeholders.
“It allows Breedon to realise fair value for the assets disposed of which, together with the people employed in them, will be in good hands under new ownership of Tillicoultry Quarries.”
Breedon expects to be in a position to complete the disposal before the year-end.
Wallace Menzies, Director of Tillicoultry Quarries, said: “The purchase of these 14 new sites will allow Tillicoultry Quarries to continue to build on and invest in our existing capabilities, enhancing our offering with more of our core products and opening up in new locations.”
