Summit Materials makes two acquisitions
Summit Materials, a building materials company formed by the former CEO of Oldcastle, has announced two acquisitions to further build its platform of companies in Salt Lake City.
Summit has concluded the purchase, for an undisclosed price, of Kilgore Paving and Maintenance, an asphalt production and paving company, and the aggregates, ready-mix concrete and construction assets of Harper Cos. Both businesses, which are based in Salt Lake City, have merged to form Harper-Kilgore, an integrated materials and construction company. Jason Kilgore, the former owner of Kilgore Paving and Maintenance, will run Harper-Kilgore.
Tom Hill, CEO of Summit, said in a prepared statement: “We are very pleased to form our third regional platform in Salt Lake City through these acquisitions. Utah is an attractive business environment, and we are delighted to establish a position in this market.”
Summit Materials was formed in 2009 by Hill, the former CEO of Oldcastle, and a group of private investors that include Capital Partners V L.P., Silverhawk Capital Partners and Charles “Chip” Goodyear, former CEO of BHP Billiton. The firm says it intends “to develop a leading business in the aggregates and heavy-side building materials sector through strategic acquisitions.” Other Summit companies are Hamm Inc. in Perry, Kan. (acquired September 2009), Hinkle Contracting Co. in Paris, Ky. (February 2010), Cornejo & Sons in Wichita, Kan. (April 2010) and Continental Cement Co. in Hannibal, Mo. (May 2010).
KB appoints new treasurer
Los Angeles-based KB Home has announced the appointment of Thad Johnson to the position of treasurer.
Johnson will report directly to Jeff Kaminski, EVP and CFO, and will be responsible for the care and custody of the company’s financial assets, as well as maintaining and developing its banking operations and relationships.
Previously, Johnson served as the company assistant treasurer for two and a half years.
“We are pleased to promote a talented individual such as Thad into the treasurer role,” Kaminski said. “As a proven performer on our team, we believe Thad will provide continuity and bring a sound perspective to the treasury function. I look forward to working with Thad as we continue to execute on our growth strategy.”
Prior to KB, Johnson served as assistant VP with U.S. Bancorp’s commercial real estate group. He also has more than 10 years of management consulting experience with several East Coast-based firms.
Picketers linger at two ProBuild sites
Picketers continue at two Chicagoland locations of ProBuild Holdings, the nation’s largest pro dealer, which has been trying to negotiate a new contract with Teamsters Local 673 since April. A one-day mediation session held on Aug. 24 was unsuccessful after both sides failed to reach any agreements. Teamsters spokesman Roger Kohler said the union was initially hopeful “because [ProBuild] sent someone out from Denver for the first time.”
Top of the list, according to both ProBuild and the Local 673, are healthcare benefits. The union claims many of its warehouse and delivery drivers will not be able to afford health insurance due to higher premiums and a cutback in hours. Bill Myrick, ProBuild’s newly appointed CEO, told Home Channel News that the company is trying to standardize its best practices across its many locations, and one of these is healthcare plans. “We want to treat all of our employees equally,” Myrick explained.
“We look very much forward to resolving this issue,” he added.
Meanwhile, union employees continue to march along the road in front of ProBuild stores in Yorkville and Wheaton, Ill.