Western Australian-based building products and leather goods group Schaffer Corporation Ltd has announced an agreement to acquire WA's largest limestone products producer, Limestone Resources.
Western Australian-based building products and leather goods group Schaffer Corporation Ltd has announced an agreement to acquire WA's largest limestone products producer, Limestone Resources.
Limestone Resources, which also trades as Carabooda Limestone, Moore River Limestone and Lumeah Limestone, produces a range of natural and reconstituted limestone products and has extensive limestone reserves.
Limestone Resources' operations currently generate revenues of approximately $10 million a year.
SFC chairman John Schaffer said that Limestone Resources was a natural fit with SFC's Building Products division and would be operated as a stand alone business with existing management and employees kept in place.
"SFC intends to utilise Limestone Resources' existing distribution channels while also leveraging UrbanStone's established national distribution network to market Limestone Resources' products," he said.
The commercial terms of the proposed offer are confidential.
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SCHAFFER TO ACQUIRE WA-BASED LIMESTONE PRODUCTS BUSINESS
Schaffer Corporation Limited (ASX: SFC) today announced that it has reached
agreement to acquire the business and assets of Limestone Resources.
SFC Chairman John Schaffer said that the Limestone Resources group was
Western Australia's largest producer of natural and reconstituted limestone products.
Limestone Resources (which also trades as Carabooda Limestone, Moore River
Limestone and Lumeah Limestone) produces an excellent range of natural and
reconstituted limestone products and has extensive limestone reserves. Limestone
Resources' operations currently generate revenues of approximately A$10 million a
year.
Mr Schaffer said that Limestone Resources was a natural fit with SFC's Building
Products division and would be operated as a stand alone business with existing
management and employees kept in place.
"Limestone Resources is complementary to SFC's existing building products
businesses.
"SFC intends to utilise Limestone Resources' existing distribution channels while also
leveraging UrbanStone's established national distribution network to market
Limestone Resources' products.
"Limestone Resources has excellent long-term prospects as part of SFC's Building
Products division, both from access to UrbanStone's proved distribution network and
the introduction of value-adding processing opportunities," Mr Schaffer added.
The commercial terms of the proposed offer are confidential.
