Dallas-based Pavestone Co. announced it has reached an agreement with Irish building materials group CRH/Oldcastle to sell its Concrete Landscape manufacturing business for $540 million plus compensation based on future results. The deal is subject to regulatory approval by the Federal Trade Commission.
Employees of Pavestone Co. will be absorbed by CRH with growth opportunities available within CRH domestically and internationally.
As part of the proceeds, the seller of Pavestone Co., Schlegel Consolidated also will receive CRH’s manufactured stone veneer business, Landmark Stone. Schlegel Consolidated will combine the Landmark Stone business with its current manufactured stone business, Tejas/Veneerstone, LP, to continue building a premier company with international distribution and market diversity.
“The decision to divest this unit will allow us to focus on our stone veneer business which manufactures a lightweight, concrete stone siding product for the residential and commercial building industry,” said Bob Schlegel, founder and CEO of Pavestone Co. “We believe there are tremendous growth opportunities for manufactured stone in the siding market especially in the growing multi-family and commercial markets.”
Pavestone Co., which operates a network of concrete paver plants throughout the United States, employs nearly 1,600 people and serves customers in 48 states. Bob Schlegel founded Pavestone Company in 1980. More information can be found at www.pavestone.com or www.tejasstone.com or www.landmarkstone.com.