April 10, 2007 Titan America LLC, a subsidiary of Titan Cement Company, announced that it has signed an agreement to purchase the outstanding shares of Mechanicsville Concrete Inc. (Powhatan Ready Mix), a supplier of ready-mix concrete in the Greater Richmond (Virginia) market. Powhatan currently operates five plants and will continue to operate as a standalone supplier of ready-mix concrete following its anticipated purchase in May.
This acquisition is not expected to materially affect Titan Group financial statements.
Titan America LLC is one of the premier cement and building materials producers in the Eastern United States, headquartered in Norfolk, Va
Titan is an independent cement and building materials producer, based in Greece. Titan owns and operates 11 cement plants in six countries. In 2006 the Group sold over 16 m. tons of cement and cementitious materials, over 6 m. m3 of ready mixed concrete, 22 m. tons of aggregates and various other building materials like concrete blocks, dry mortars etc.. 10.04.07
