• News
  • SAN DIEGO

Carmeuse Lime Agrees To Buy Dravo For $192 Million

CHICAGO (Dow Jones News) - Shares of Dravo Corp. jumped nearly 80 percent Tuesday after Carmeuse Lime Inc. agreed to acquire Dravo for $13 a share, or about $192 million. After completion the deal, expected in the fall, Carmeuse Lime will follow through with an earlier agreement with Lafarge SA to combine their North American lime operations in a joint venture. The venture, announced last month, will be 60 percent-owned by Carmeuse and 40 percent-owned by Lafarge, a French building-materials group with interests in cement and concrete. The agreement provides for the payment of a $9.5 million topping fee in the event Dravo closes a deal with a third party, Dravo said. Dravo, based in Pittsburgh, is a producer of lime, with an annual operating capacity of 3.4 million tons. It had revenue of $84.3 million in the six months ended June 30. Carmeuse Lime, based in Chicago, is a unit of privately held Carmeuse SA of Belgium. The parent, which produces limestone, dolomite and lime, has annual revenue of $500 million. In trading, shares of Dravo closed up $5.50 to $12.43 3/4 on the New York Stock Exchange.

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.

User Response
0 UserComments

Leave Your Comment

Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.

SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.