U.S. Concrete, Inc. recently announced the divestiture of four concrete plants located in Sacramento, California. The company sold the plants for $6.0 million, plus an adjustment based on associated inventory transferred with the assets. In 2008, these assets produced $28 million in revenue for U.S. Concrete. The company said the proceeds would be used to pay down debt.
U.S. Concrete reported a loss of $4.0 million, or ($0.11) per share, in the second quarter ending June 30, 2009. The company earned $3.3 million, or $0.08 per share, in the same quarter last year. Revenues in the quarter were $143.7 million, a decline of 30.2% on a year over year basis. The company attributed the decline to the recession in the U.S.
U.S. Concrete has two business segments – ready-mixed concrete and concrete-related products and the precast concrete products segment. The company owns a total of 141 ready-mixed concrete plants, 7 precast concrete plants and 7 aggregates facilities. The company produced 6.3 million cubic yards of concrete and 3.5 million tons of aggregates in 2008.