Concrete maker, Adelaide Brighton Ltd (ABC) rose 2 cents to $3.87 today after the company said it has acquires a 50% share of Mawsons, a concrete and quarry business operating in regional Victoria and southern New South Wales.
"The joint venture with Mawsons gives Adelaide Brighton a strong regional presence in the aggregates and ready mixed concrete markets in Victoria," managing director Mark Chellew said.
"I am pleased that the existing management team will continue to run the business."
Mawsons is the largest independent ready mixed concrete and quarry operator in the region, generally holding leading market positions in markets served.
It has long-term quarry reserves and operates five hard rock quarries producing 1.6 million tonnes per annum.
Adelaide Brighton said it expects the investment to be earnings accretive from the date of acquisition.
Mawsons will continue to be managed from Cohuna in Victoria and will continue to operate under the Mawsons brand.
Shares closed up 2 cents at $3.87 amid thin volumes.