We are one of the fastest growing construction materials companies in the United
States. Our materials include aggregates, which we supply across the United
States, and in British Columbia, Canada, and cement, which we supply along the
Mississippi River from Minneapolis to New Orleans. Within our markets, we offer
customers a single-source provider for construction materials and related downstream
products through our vertical integration. In addition to supplying aggregates
to customers, we use our materials internally to produce ready-mix concrete
and asphalt paving mix, which may be sold externally or used in our paving and
related services businesses. Our vertical integration creates opportunities
to increase aggregates volumes, optimize margin at each stage of production
and provide customers with efficiency gains, convenience and reliability, which
we believe gives us a competitive advantage.
Since our first acquisition more than seven years ago, we have rapidly become
a major participant in the U.S. construction materials industry.
Our rapid growth achieved over the last seven years has been due in large part
to our acquisitions, which we funded through equity issuances, and debt financings
and cash from operations. Over the past decade, we witnessed a cyclical decline
followed by a slow recovery in the private construction market and nominal growth
in public infrastructure spending. However, the U.S. private construction market
has grown in recent years both nationally and in our markets. We believe we
are well positioned to capitalize on this recovery to grow our business and
reduce our leverage over time.
We operate in 21 U.S. states and in British Columbia, Canada and have assets
in 20 U.S. states and in British Columbia, Canada through our platforms that
make up our operating segments: West; East; and Cement. The platform businesses
in the West and East segments have their own management teams that report to
a segment president. The segment presidents, including the cement division president,
are responsible for overseeing the operating platforms, developing growth opportunities,
implementing best practices and integrating acquired businesses. Acquisitions
are an important element of our strategy, as we seek to enhance value through
increased scale and cost savings within local markets.
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West Segment: Our West segment includes operations in Texas, the Mountain states
of Utah, Colorado, Idaho, Wyoming and Nevada and in British Columbia, Canada.
We supply aggregates, ready-mix concrete, asphalt paving mix and paving and
related services in the West segment.
·
East Segment: Our East segment serves markets extending across the Midwestern
and Eastern United States, most notably in Kansas, Missouri, Virginia, Kentucky,
North Carolina, South Carolina and Nebraska where we supply aggregates, ready-mix
concrete, asphalt paving mix and paving and related services.
The U.S. construction materials industry is composed of four primary sectors:
aggregates; cement; ready-mix concrete; and asphalt paving mix. Each of these
materials is widely used in most forms of construction activity. Participants
in these sectors typically range from small, privately-held companies focused
on a single material, product or market to multinational corporations that offer
a wide array of construction materials and services. Competition is constrained
in part by the distance materials can be transported efficiently, resulting
in predominantly local or regional operations. Due to the lack of product differentiation,
competition for all of our products is predominantly based on price and, to
a lesser extent, quality of products and service. As a result, the prices we
charge our customers are not likely to be materially different from the prices
charged by other producers in the same markets. Accordingly, our profitability
is generally dependent on the level of demand for our products and our ability
to control operating costs.
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