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New Owner Revives Historic KY Concrete Company

Tuesday, September 17, 2019

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A 150-year-old concrete business, based in Madisonville, Kentucky, announced it would be closing its doors back in March. Now, a new owner is bringing the business back to life.

According to 14News, in March, Ruby Concrete Company President Kent Waide noted that there were a number of factors that led to the company’s closure. Waide had served as president since 2012, and had worked there for more than 20 years.

Company Closure

Ruby Concrete Company, which started doing business in 1869, was spearheaded by owner John Ruby cultivating business in cutting railroad ties, along with building a general store that was separately known as Ruby Lumber company. The concrete segment of the business was launched in the 1940s, with Waide taking over the business from his father, who in turn took over the business from the Rubys.

In March, Waide named the coal industry market and online retail as culprits in what caused the company’s closure. At the time, fewer than 10 people were impacted by the closure.

Recent Revival

In late August, Josh Bentley, Vice President of business development for Wright Concrete, told the news station that he bought the Ruby Concrete property in a foreclosure sale, and that the business would be reopening its doors in early October. The endeavor, now known as Ruby Wright Block and Brick, LLC, hired two former workers, and will employ 10-12 people total.

The new owners chose to keep the “Ruby” family name with the new endeavor in order to honor the business’ history. Product offerings will also be expanded in the future to include brick, mortar and other materials.

Wright Concrete & Construction, based in Pikeville, Kentucky, is a concrete contractor that has worked on projects ranging from coalfields in the eastern U.S., Utah and Canada to limestone rock mines in Kentucky, Ohio, and Missouri.

   

Tagged categories: Acquisitions; Business operations; concrete; NA; North America; Program/Project Management

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