Mississippi Lime Expands Through Acquisition
07/08/2019 - Mississippi Lime Co. is acquiring a Calera, Ala., lime processing facility for US$135 million in cash.
In an announcement Monday, Mississippi Lime said the facility, which historically has operated as Southern Lime, will expand its footprint as it supplies high-calcium quicklime and hydrated lime products to customers in the southeastern United States.
“We are thrilled to welcome the Calera operation to our business,” said Mississippi Lime chief executive William Ayers. “This acquisition advances our mission to provide world-class lime products and solutions through differentiated quality, technical expertise and customer service. Entering the Southeast enables us to expand this tradition in an attractive market, while growing our customer and end market base.”
The facility had been a part of Covia Corp., which sells mineral products and materials for the industrial and energy markets.
“The sale of Calera was an excellent opportunity for Covia to unlock value in our industrial segment at an attractive multiple, reduce Covia’s net leverage and simplify our business through the sale of a non-core asset,” said Covia chairman and chief executive Richard Navarre.
With the addition of the Calera facility, Mississippi Lime will now have nine production facilities supported by a network of distribution sites throughout the country.