Publicly traded Summit Materials Inc. has acquired Wilmington-based American Materials Co. (AMC) this month as part of an expansion plan, according to a recent announcement. The purchase price wasn’t disclosed.
Summit Materials supplies aggregates, cement, ready-mixed concrete and asphalt in the United States and British Columbia, Canada.
“The acquisition expanded Summit’s geographic reach into the high-growth coastal North and South Carolina markets through (AMC’s) five strategically positioned sand and gravel operations, with an estimated 40.5 million tons of combined aggregates reserves,” the company said in a news release announcing Summit’s fourth-quarter results.
AMC’s Wilmington office will remain open, company officials said.
“We are very happy to become part of the Coastal Carolinas business community through the American Materials Company acquisition and we welcome AMC and its employees to the Summit family,” an emailed statement from Summit to WilmingtonBiz said. “AMC will continue to be based in Wilmington, N.C., and we look forward to AMC’s continued growth in this dynamic market.”
Tim Bizzell will remain as AMC’s president.
AMC operates five sand and gravel plants with about 80 employees, one in South Carolina and the other four in North Carolina.