Hanson to sell brick supplier business

Tue, 11 Aug 2009

German cement mixer HeidelbergCement plans to dispose of non-core parts of Hanson, the UK building materials supplier business, in an effort to rein in its debt of Euro 11.3bn.

The divisions for sale are major operators in Britain's brick and cinderblock market, but have been badly affected by the economic downturn.

The divisions for sale include masonry provider Bath and Portland Stone, cladding producer Structherm, block-paving operation Formpave, and a pre-cast concrete flooring business. The company aims to complete the sales by the end of the calendar year.

Heidelberg bought Hanson for £8bn in 2007. It put the entire Hanson UK operation on the market in May this year with an asking price of over £1bn.

The holding firm for the divisions up for sale, Hanson Building Products, reported a £50m loss in 2008.

It has been reported that potential buyers have come forward with bid offers for some of the units, though the sales are currently at an early stage.

The parent company is to retain Hanson's quarrying, cement and concrete subsidiaries.



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