Ready Mix Inc. will sell substantially all the assets of its ready-mix concrete business to Skanon for $9.75 million.
Under the agreement, announced Jan. 29, Skanon also will assume some of RMI’s liabilities. RMI will retain certain assets, including its office building, as well as certain liabilities.
Ready Mix’s board of directors unanimously approved the Purchase Agreement and the transactions contemplated thereby. Meadow Valley Parent Corp., the beneficial holder of about 69% of the outstanding shares of common stock of RMI, has agreed to vote in favor of the Asset Purchase Agreement.
"RMI's Board of Directors believes that this asset sale is a vital step to preserve and maximize value for our shareholders given the Company's current financial condition and the state of the industry. We will evaluate additional strategic options for the company once this transaction closes, including effecting a special dividend," said Chief Executive Officer Bradley Larson.
The transaction is expected to close by April 30.
RMI has provided ready-mix concrete products to the construction industry since 1997.