Acquisition of Rinker nears completion
Rinker Materials, a top distributor of non-lumber building materials in the United States, with $4.5 billion in sales last year, will soon become part of Cemex, North America’s largest cement producer.
Cemex has purchased more than 90 percent of the shares of Rinker Group Ltd., Rinker’s Australian parent company, clearing the way for the cement supplier to acquire the rest of the company without consent.
Cemex, based in Monterrey, Mexico, placed an unsolicited $14 billion bid for all of Rinker’s shares earlier this year. In June it won majority control over Rinker’s board of directors and replaced them with its own appointees. The Rinker acquisition will further increase Cemex’s share of the U.S. concrete market.
Headquartered in West Palm Beach, Fla., Rinker Materials sells cement, asphalt, pipe, tools, drywall, steel framing and other construction materials. It generates approximately 80 percent of its parent company’s revenues.