Monolith to Be Acquired by CBR for $16.2 Million
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Monolith Portland Cement Co. in Burbank agreed to be acquired for $16.2 million by CBR Cement Corp., the U.S. unit of Belgian cement maker Cimenteries CBR SA.
Monolith said it signed a letter of intent under which CBR would pay $7 for each of Monolith’s 2.32 million common shares outstanding. The deal remains subject to approval by both companies’ directors and Monolith’s stockholders.
Cement marketed by Monolith is produced at the company’s Tehachapi plant. The company also has ready-mix cement, asphalt, and sand and rock quarry operations in the Fresno area.
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