Cement manufacturer Adbri Limited has reached an agreement to acquire the Zanows’ Concrete & Quarries business for $58 million, subject to normal closing adjustments.
Zanows operates two concrete plants, with approval for an additional concrete plant, a sand and gravel quarry, and a hard rock quarry located in the western area of Brisbane.
Adbri’s Managing Director and CEO, Mr Nick Miller, said that addition to supplying sand and aggregates internally as part of operating an integrated construction materials business, the company provides these materials to a range of external customers in the south east Queensland market.
“This highly accretive acquisition provides Adbri with an integrated business that complements our existing network of concrete assets in the greater Brisbane area,” Mr Miller stated.
“This acquisition provides access to quarries with approved reserves of over 70 million tonnes, that will provide a source of long-term, high-quality raw materials to supply our vertically integrated concrete network and external customers.”
According to Adbri’s statement, the acquisition is expected to complete in January 2022.
