Titan America Acquires Keystone Cement Company for $310M

Titan America SA announced that it has entered into an agreement to acquire Keystone Cement Company, a Pennsylvania-based cement manufacturer and aggregates producer, from the Fortaleza, Uniland and Tritadura groups. Bill Zarkalis, President & CEO of Titan America, said "The acquisition of Keystone Cement represents a compelling strategic opportunity that aligns perfectly with our long-term growth strategy in the economic mega regions along the east coast of our country. Keystone will bring high-quality assets, substantial limestone reserves, and an attractive position in geographies benefiting from strong demand for high performance construction materials and solutions. We see substantial value creation potential through capacity growth, operational improvements and integration with our Essex and Roanoke Cement operations. This transaction reflects our disciplined approach to M&A, targeting assets where we can use our operational expertise, commercial network, and robust balance sheet to drive meaningful value for our shareholders." The transaction price, subject to ordinary post-closing adjustments, is $310M, which corresponds to approximately $313 per short ton of current clinker production capacity. The transaction will be funded through a combination of cash on hand and financing. Closing of the transaction is subject to regulatory approval and other customary conditions.