Acquisition of Regional Powerhouse Sherman-Dixie Represents the Next Step in Forterra's Strategic Growth Plan
IRVING, TX--(Marketwired - Feb 1, 2016) - Forterra Building Products ("Forterra"), a multinational manufacturer of concrete and clay building products, today announced that it has acquired Sherman-Dixie Concrete Industries, a leading producer of precast concrete structures operating eight facilities in Tennessee, Kentucky, Alabama and Indiana. Terms of the transaction were not disclosed.
Forterra, which has operations in the United States, Canada and the United Kingdom, employs more than 5,400 people across an extensive network of 118 facilities. This acquisition will leverage Sherman-Dixie's strong presence in the Southeastern United States to significantly expand Forterra's capacity and capabilities in an attractive and growing market.
"Sherman-Dixie is a positive and complementary addition to the Forterra team," said Jeff Bradley, CEO of Forterra Building Products. "As the leading manufacturer of concrete pipe and precast products in the U.S., we are confident that Sherman-Dixie's market leadership, strong customer relationships and high-quality suite of precast concrete solutions will extend our track record of market excellence. We are excited about this transaction and remain committed to ensuring continuity and a seamless transition for our customers."
"Throughout Sherman-Dixie's history, we have prided ourselves on our forward-thinking and ability to successfully navigate changing market dynamics," said Pete DeLay, President and CEO of Sherman-Dixie. "As needs for quality infrastructure expand, joining forces with Forterra represents a significant growth opportunity for us. Our companies share deep respect for each other based on our common values of safety, quality and service, as well as a strong commitment to our employees. As part of a larger company, today's announcement positions us for long-term industry leadership, future growth, and success for the benefit of our customers and employees."
Sherman-Dixie will continue to operate its existing facilities in Tennessee, Alabama, Kentucky and Indiana. Under the new structure, the company will be part of Forterra's Pipe and Precast business and will adopt the Forterra name in early 2016.
Forterra Building Products is comprised of Forterra Pipe & Precast, Forterra Pressure Pipe, Forterra Structural & Specialty Products, Forterra Brick, and Forterra Roof Tile. Based in Irving, Texas, Forterra employs more than 5,400 people and operates 118 facilities with products available throughout the U.S., Canada and the United Kingdom. To learn more about Forterra's sustainability efforts and quality products, services, and building technology, visit ForterraBP.com.
About Sherman-Dixie Concrete Industries
Headquartered in Nashville, Sherman-Dixie provides communities throughout the country with critical precast concrete utility structures. The company is committed to manufacturing concrete infrastructure systems of the highest quality and has been for more than 65 years. Sherman-Dixie operates eight pipe and precast manufacturing facilities, with four facilities in Tennessee located in Chattanooga, Franklin, Hermitage and Lenoir City. It also operates facilities in neighboring states with locations in Elizabethtown and Lexington, Ky., Cullman, Ala., and Evansville, Ind. For additional information, visit ShermanDixie.com.
Chief Financial Officer
Forterra Building Products