Welcome to our dedicated page for Summit Matls news (Ticker: SUM), a resource for investors and traders seeking the latest updates and insights on Summit Matls stock.
Summit Materials, Inc. (historically NYSE: SUM) generated frequent news as a market-leading producer of aggregates and cement with vertically integrated operations supplying ready-mix concrete and asphalt in select markets. This news page provides an archive of company announcements and media releases from the period when Summit Materials was a publicly traded issuer, as well as coverage of its subsequent acquisition by Quikrete Holdings, Inc.
News about Summit Materials has included transaction updates, such as the definitive agreement to be acquired by Quikrete, stockholder approval of the transaction, regulatory milestones under U.S. and Canadian competition laws, and the final closing of the merger. These items document the progression from an initial non-binding acquisition proposal through to Summit Materials becoming a privately held subsidiary of Quikrete and the cessation of trading of its common stock on the New York Stock Exchange.
Operational and financial updates have also featured prominently in Summit Materials’ news flow. The company reported quarterly financial results, including segment performance for aggregates, cement, and products such as ready-mix concrete and asphalt. It announced conference call dates and webcasts for earnings discussions, providing context on pricing, volumes, and segment trends across its West, East, and Cement reporting segments.
In addition, Summit Materials issued news on sustainability and technology initiatives, including the installation of the FLSmidth FUELFLEX Pyrolyzer system at its Davenport, Iowa cement plant through Green America Recycling. This project was described as expanding the use of non-hazardous alternative fuels and supporting the company’s carbon reduction roadmap. Users interested in the historical evolution of Summit Materials, its strategic transactions, and its role in construction materials markets can review these archived news items for detailed company communications over time.
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Summit Materials (NYSE: SUM), a leading producer of aggregates and cement, has completed its previously announced merger with Quikrete Holdings. The transaction values Summit at $52.50 per share in cash, representing a total enterprise value of approximately $11.5 billion, including debt.
Following the completion of the merger, Summit Materials has ceased trading on the NYSE and has become a privately held subsidiary of Quikrete. Morgan Stanley & Co. and Evercore served as financial advisors to Summit, while Wells Fargo acted as exclusive financial advisor to Quikrete and provided debt financing commitment for the merger.
Summit Materials (NYSE: SUM), a leading producer of aggregates and cement, has announced that shareholders have approved the proposed acquisition by Quikrete Holdings. The transaction is expected to close within the first quarter of 2025, subject to customary closing conditions. Upon completion, Summit will become a private subsidiary of Quikrete and will be delisted from the NYSE.
Morgan Stanley & Co. and Evercore are serving as financial advisors to Summit, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger. The final, certified voting results will be disclosed in a Form 8-K filing with the SEC.
Summit Materials (NYSE: SUM) has announced the expiration of the Competition Act (Canada) waiting period for its previously announced acquisition by Quikrete Holdings. The merger, valued at $52.50 per share in cash, is expected to close in Q1 2025, subject to remaining regulatory approvals and stockholder approval.
Upon completion, Summit will become a privately held subsidiary of Quikrete and will be delisted from the NYSE. Morgan Stanley & Co. and Evercore are serving as Summit's financial advisors, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger.
Summit Materials (NYSE: SUM) announced the expiration of the Hart-Scott-Rodino Act waiting period for its previously announced acquisition by Quikrete Holdings. The merger, valued at $52.50 per share in cash, is expected to close in Q1 2025, subject to remaining customary closing conditions, regulatory approvals, and Summit stockholder approval.
Upon completion, Summit will become a privately held subsidiary of Quikrete, and its common stock will be delisted from the NYSE. Morgan Stanley & Co. and Evercore are serving as financial advisors to Summit, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger.
Summit Materials (NYSE: SUM) has announced a definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash, representing a total enterprise value of approximately $11.5 billion, including debt. The transaction offers a 36% premium to Summit's unaffected 90-day VWAP and a 29% premium to its unaffected share price. The merger will create a vertically integrated, North American construction materials solutions provider. The deal is expected to close in the first half of 2025, subject to shareholder and regulatory approvals. Upon completion, Summit will become a private subsidiary of Quikrete and delist from NYSE.
Summit Materials (NYSE: SUM) has responded to media reports by confirming its previous disclosure of receiving a non-binding acquisition proposal and having initial discussions with an interested party. The company stated it will not provide further updates on this matter unless required by law. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor to Summit.
Summit Materials (NYSE: SUM) reported Q3 2024 results with net revenue up 49.9% to $1.11 billion and operating income increasing 52.1% to $194.7 million. Despite weather challenges, the company achieved record EBITDA margins. However, net income declined 54.8% to $105.2 million, and basic EPS fell 68.9% to $0.60. The company refined its 2024 Adjusted EBITDA guidance to $970-$1,000 million, with projected capital expenditures of $390-$410 million. Summit maintains a strong financial position with nearly $740 million in cash on hand.
Summit Materials (NYSE: SUM) has announced receiving a non-binding acquisition proposal from an undisclosed party. The company's Board of Directors, along with its advisors, will evaluate the proposal to determine the best course of action for the company and its shareholders. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor. Summit has stated it will not provide further updates unless required by law.
Summit Materials (NYSE: SUM) has announced the date for its Third Quarter 2024 Results Conference Call. The company will release its financial results on Wednesday, October 30, 2024, after the market closes. A conference call will be held on Thursday, October 31, 2024, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the results, discuss recent events, and conduct a Q&A session.
Investors can access a webcast of the conference call and accompanying presentation materials through Summit's website or via a provided link. To participate in the live teleconference, domestic callers can dial 1-888-330-3416, while international callers should use 1-646-960-0820, with the Conference ID: 1542153. A replay of the call will be available until November 7, 2024, accessible via 1-800-770-2030 using the same Conference ID.
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