Titan America entered into an agreement to acquire Keystone Cement Co., a Pennsylvania-based cement manufacturer and aggregates producer, from the Fortaleza, Uniland and Tritadura groups for $310 million.
“The acquisition of Keystone Cement represents a compelling strategic opportunity that aligns perfectly with our long-term growth strategy in the economic mega regions along the east coast of our country,” Bill Zarkalis, president and CEO of Titan America, said. “Keystone will bring high-quality assets, substantial limestone reserves, and an attractive position in geographies benefiting from strong demand for high-performance construction materials and solutions.”
Zarkalis continued, “We see substantial value creation potential through capacity growth, operational improvements and integration with our Essex and Roanoke Cement operations. This transaction reflects our disciplined approach to M&A, targeting assets where we can use our operational expertise, commercial network, and robust balance sheet to drive meaningful value for our shareholders.”
Keystone operates one of the most efficient cement kilns in Pennsylvania’s Lehigh Valley, with 990,000 short tons per year of current clinker production capacity. Additionally, its dolomite reserves position it to be a more significant supplier of DOT-qualified aggregates in the future.
Titan said the transaction will be funded through a combination of cash on hand and financing. Closing is subject to regulatory approval and other customary conditions.
