Boral purchases cement giant Wagner

Boral purchases cement giant Wagner

Wagner Group announced that it has sold its concrete division to Boral. Mark Selway, Chief Executive, Boral said that the purchase would improve his company's ability to tender for resource projects in the Darling Downs and Surat Basin regions of Queensland. In the meantime, Wagners will devote the cash it gets from Boral to seize numerous growth opportunities opening up for the group's retained businesses. These include a major projects division that is already providing quarrying, rock crushing and screening, plus transport services, for the infrastructure that will underpin coal seam gas-to-liquefied natural gas plants being built on Curtis Island off Gladstone. Boral will buy Wagner's network of large fixed concrete plants and five of its quarries, its 60 per cent stake in a fly-ash joint venture and its concrete pumping and bulk transport operations. Wagners will retain its cement grinding plant at Pinkenba in Brisbane - Queensland's only locally owned cement plant - and has signed a long-term supply contract with Boral to underpin the operation.

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