Summit Materials Announces Divestiture of Hinkle Contracting to CRH Americas Materials
Summit Materials, Inc. Class A (SUM)
Last summit materials, inc. class a earnings: 4/29 06:00 am
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Source: Business Wire
DENVER--(BUSINESS WIRE)--Summit Materials, Inc. (NYSE: SUM) ("Summit," “Summit Materials,” “Summit, Inc.” or the "Company"), a leading vertically integrated construction materials company, today announced the divestiture of Kentucky-based Hinkle Contracting Company, LLC (“Hinkle”) to an affiliate of CRH Americas Materials, Inc., a subsidiary of CRH PLC (“CRH Americas”).“Hinkle was among Summit’s early acquisitions and an integral part of the Company’s foundational growth,” said Summit Materials CEO Anne Noonan. “Moving forward, we are pleased to have reached a mutually beneficial transaction with CRH Americas for Hinkle at an attractive valuation of over 10x 2021 Adjusted EBITDA, delivering value to our stakeholders. We are committed to working with CRH Americas on a smooth transition for the Hinkle employees and customers.”The Hinkle divestiture supports the Company’s Elevate Summit Strategy which includes a disciplined and ongoing portfolio optimization designed to drive Summit
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- Summit Materials, Inc. (NYSE: SUM) had its price target raised by analysts at Citigroup Inc. from $46.00 to $51.00. They now have a "buy" rating on the stock.MarketBeat
- Summit Materials, Inc. (NYSE: SUM) had its price target raised by analysts at Truist Financial Co. from $50.00 to $53.00. They now have a "buy" rating on the stock.MarketBeat
- Investing in Summit Materials (NYSE:SUM) five years ago would have delivered you a 195% gain [Yahoo! Finance]Yahoo! Finance
SUM
Earnings
- 2/14/24 - Beat
SUM
Sec Filings
- 4/8/24 - Form ARS
- 4/8/24 - Form DEFA14A
- 4/8/24 - Form DEF
- SUM's page on the SEC website