Cemex buys Tarrant building materials firm

Building materials company Cemex has spent €21 million on a number of acquisitions, including a quarrying and concrete business in Tipperary, writes Barry O'Halloran.

Cemex Ireland, which controls Readymix plc, said yesterday that it has bought the family-owned construction materials business of Denis Tarrant & Sons in Kilfeacle, Co Tipperary, for €11.5 million. The company has a turnover of €8.1 million and earnings of €1.8 million. Its assets, including cash of €1.3 million, come to €8.6 million.

It produces ready-mixed concrete and aggregates (stone and quarried material used in building).

Its three directors - Denis, Miriam and William Tarrant - own the business.

Cemex is spending a further €9.5 million on buying reserves of aggregates and other materials in various locations in Cork, Kildare and Limerick.

In anticipation of orders linked to the Government's National Development Plan, the group intends focusing on the market for materials used in infrastructure building.

Commenting yesterday, managing director Roger Gonzalez said "these strategic investments are important additions to growing our core businesses across the island of Ireland".

Cemex is in talks with trade union Siptu over the introduction three years ago of a defined contribution, rather than a defined benefit, pension scheme.

The union issued strike notice recently, but that has been suspended.