Graymont completes New Zealand acquisition
Holcim [New Zealand] and New Zealand Steel’s agreement for Canada-based company, Graymont to purchase their shares in McDonald’s Lime and Graymont’s agreement with Holcim to acquire the assets of Taylor’s Lime from the company have been finalised.
The purchase includes the retention of all employees on their current terms and conditions and John Reeves, previously General Manager of the New Zealand lime and limestone operations, has been appointed Graymont’s Vice President for New Zealand, ensuring, says Graymont, a seamless transmission.
Graymont said that completion of the acquisition represented a milestone in terms of extending Graymont’s reach beyond North America to serve new customers in select global markets. Graymont President and Chief Executive Officer Stéphane Godin said the company has great confidence in the long-term growth prospects of the New Zealand economy and the region.
When the planned purchase was announced last year, Holcim New Zealand’s Managing Director Jeremy Smith said that Graymont was the right buyer for the lime businesses and the purchase was another step in Holcim’s strategic plan, which will see the company moving to an imported cement model and investing $100million in two import terminals in Auckland and Timaru to support this.
Smith added that a world class business such as Graymont investing in these operations and entering this market for the first time was good news for the New Zealand economy.
McDonald’s Lime operations are located in the Waikato/ King Country region, south of Hamilton. Taylor’s Lime operates in the Otago region, north of Dunedin. Both companies supply high quality limestone and lime products to leading agribusinesses, resource companies, and manufacturers in New Zealand. Graymont is North America’s second largest supplier of lime and lime-based products with facilities across the United States and Canada, and has a significant investment in Grupo Calidra, the largest lime producer in Mexico.