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[August 2003]
BMAC Concludes Deal With Hanson
BMAC, Better Minerals & Aggregates Company (Berkeley Springs, WV, USA), a leading US producer of industrial minerals, has completed its sale of Better Materials Corporation to a subsidiary of Hanson Building Materials America Inc.
Total cash received at the closing, before fees and expenses, was approximately US$158 million, including an adjustment for changes in Better Materials' working capital since the items of the stock purchase were first announced on 16 April 2003. BMAC intends to use the proceeds to reduce its outstanding debt.
A portfolio company of J P Morgan Partners and D George Harris & Associates, BMAC is a leading supplier of high quality silica sand and aplite for the glass, foundry, chemical, recreational and construction industries and fine ground silica and kaolin clay products for the paint, plastic and ceramic industries. The company employs 760 people at its 16 facilities in the USA.
ENDS