Forterra Announces Acquisition of Barbour Concrete Company
Expands Forterra’s Reach into Growing Precast Markets
IRVING, Texas, July 01, 2021 (GLOBE NEWSWIRE) -- Forterra, Inc. (“Forterra” or “the Company”) (Nasdaq: FRTA), a leading manufacturer of water and drainage infrastructure pipe and precast products in the United States and Eastern Canada, today announced that it has acquired the business of Barbour Concrete Company & Barbour Building Systems (“Barbour”), a manufacturer of precast concrete products used in drainage, stormwater, utility and other infrastructure applications.
Based in Independence, Missouri, Barbour primarily serves the greater Kansas City metropolitan area. For the past 75 years, Barbour has provided high quality products and service to meet customer needs as well as serving as a leader in the National Precast Concrete Association. Forterra expects to continue operating as Barbour Concrete & Barbour Building Systems for the foreseeable future and believes this acquisition will gain it access to new opportunities for growth in the strong and expanding Kansas City infrastructure and residential markets.
“We expect Barbour will accelerate Forterra’s growth in the precast concrete markets and strengthen our position in the growing Kansas City region. This will position us well to continue growing our business in the surrounding area as well, specifically the Greater Omaha market,” said Karl Watson, CEO of Forterra.
“The acquisition of Barbour will benefit our customers as we provide an expanded suite of products and access to technical expertise that will assist in creating tailored solutions. We’re pleased to welcome Barbour to the Forterra team and, given our shared commitment to quality and strong customer service and relationships, we expect a seamless integration,” said Jason Duncan, Forterra Western Region Vice President.
“After 75 years and four generations of innovations, achievements and leadership in the precast industry, it was the vision of Jim Barbour, through his estate plan, to solidify our future through this acquisition by Forterra. With this life-changing event we are grateful and excited to be able to offer new opportunities to our employees, who are our most valuable assets, and expanded resources for manufacturing and service to our customers,” – said Dan Barbour and Amy Burnett on behalf of the Barbour family.
About Forterra
Forterra, Inc. is a leading manufacturer of water and drainage pipe and products in the U.S. and Eastern Canada for a variety of water-related infrastructure applications, including water transmission, distribution, drainage and stormwater systems. Based in Irving, Texas, Forterra’s product breadth and scale help make it a preferred supplier for water-related pipe and products, serving a wide variety of customers, including contractors, distributors and municipalities. For more information on Forterra, visit forterrabp.com.
About Barbour Concrete
Headquartered in Independence, Missouri, Barbour manufacturers and offers precast concrete products used in storm, sanitary, utility and custom applications. For additional information on Barbour visit barbourconcrete.com.
CONTACT:
Charlie Brown
Executive Vice President, Chief Financial Officer
Forterra, Inc.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as "anticipate", "believe", "expect", "estimate", "plan", "outlook", and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements.
Some of the risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statements include risks and uncertainties relating to the pending acquisition by Quikrete Holdings, Inc.; the impacts of the COVID-19 pandemic; the level of construction activity, particularly in the residential construction and non-residential construction markets; government funding of infrastructure and related construction activities; the highly competitive nature of our industry and our ability to effectively compete; the availability and price of the raw materials we use in our business; the ability to implement our growth strategy; our dependence on key customers and the absence of long-term agreements with these customers; the level of construction activity in Texas; energy costs; disruption at one or more of our manufacturing facilities or in our supply chain; construction project delays and our inventory management; our ability to successfully integrate acquisitions; labor disruptions and other union activity; a tightening of mortgage lending or mortgage financing requirements; compliance with environmental laws and regulations; compliance with health and safety laws and regulations and other laws and regulations to which we and our products are subject to; our dependence on key executives and key management personnel; our ability, or that of the customers with which we work, to retain and attract additional skilled and non-skilled technical or sales personnel; credit and non-payment risks of our customers; warranty and related claims; legal and regulatory claims; the seasonality of our business and its susceptibility to adverse weather; our contract backlog; our ability to maintain sufficient liquidity and ensure adequate financing or guarantees for large projects; delays or outages in our information technology systems and computer networks; security breaches in our information technology systems and other cybersecurity incidents and additional factors discussed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.
