The purchase terms call for $3 million in cash and the value of rock and sand inventories, estimated to be worth $1.1 million to $1.4 million. The final purchase price, say company officials, hinges on inventory measurements at closing. The deal is set to close in April.
In line with the announcement, Meadow Valley canceled a non-binding letter of intent to sell its Ready Mix Inc. subsidiary to RMI Enterprises LLC of Las Vegas. The subsidiary is a concrete and gravel supplier for the Phoenix and Las Vegas markets. Owner Meadow Valley Corp. is one of the region's leaders in construction of bridges and overpasses, paving of highways and airport runways and production and sale of construction materials.
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