The growing demand for construction material for infrastructure projects in Queensland has encouraged Boral to enter into the sales agreement with Paul McDonald, the sole owner of Sunshine Coast Quarries. ?The acquisition represents further investment in our core Australian construction materials business and adds high quality assets and market positions in attractive growth areas of Queensland,” Boral CEO Mark Selway stated.
The purchase comes on the back of Boral?s deal with Wagners in April this year to buy the quarry, concrete and its related assets in Darling Downs in southeast Queensland. Both transactions are subject to the approval of the Australian Competition and Consumer Commission, expected to be completed in the second half of 2011.
According to Boral, the Moy Pocket quarry?s high quality reserves will allow it to replace its existing quarry at Coolum as well as service major infrastructure projects on the Sunshine Coast and in the Surat Basin.
This transaction adds to Boral?s considerable investment in the Queensland resource market, including 48 concrete plants and 13 quarries.
Mr McDonald was not available comment on the agreement, according to his online profile, Mr McDonald is a major shareholder of Evolve Composites USA, Evolve Composites Australia. He is also the sole owner and director of Fortrus Quarries, Integra Concrete and Fortrus Pastoral.
Source: Boral, AAP Newswire, Courier Mail