May 26, 2009
Coco Paving to buy Lafarge Eastern Canada’s asphalt and paving operations
Heavy road construction company Coco Paving Inc. said that it has signed a deal to buy the Ontario and Quebec asphalt and paving construction operations of Lafarge Eastern Canada. Financial terms of the agreement were not immediately available.
Under the deal, privately held Coco Paving will add over 1,000 new employees to its base of 200 in Windsor, Ont., as well as 31 asphalt plants in Ontario, two in Quebec and additional regional offices.
“Coco Paving is poised for growth and could not pass up the opportunity to become a much bigger player in the paving industry,’’ Coco Paving chief executive Jenny Coco said in a statement.
“While a lot of companies are retrenching, we’re positioning our company within Ontario to take full advantage of unprecedented infrastructure developments.”
Financing for the deal was underwritten by the Bank of Montreal and the transaction is expected to close the first week of June.
DCN News Services
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