Continental Cement Company Announces August 2021 Price Increase for Terminals in Louisiana and Memphis
Continental Cement Company, a subsidiary of Summit Materials (NYSE:SUM), announced a $6.00 price increase per short ton for cement sold at terminals in Louisiana and Memphis, effective August 1, 2021. This adjustment comes in response to rising operating and logistics costs affecting the cement industry. The price change will reflect increases in freight rates, fuel surcharges, and taxes at the time of shipment. Continental Cement's operations span several sites along the Mississippi River, supplying high-quality cement for various construction projects.
- Price increase of $6.00 per short ton may enhance revenue.
- Continental Cement operates across multiple terminals, ensuring widespread service.
- Price increase might discourage some customers due to higher costs.
- Rising operating and logistics costs highlight challenges in the current market.
Continental Cement Company (“Continental Cement” or the “Company”), a leading provider of cement based in Chesterfield, Missouri and a subsidiary of Summit Materials, Inc. (NYSE:SUM) announced today that it is notifying customers served by its New Orleans, LA; Port Allen, LA; Union, LA; and Memphis, TN terminals of a modest price increase due to increasing industry operating and logistics costs.
To respond to these economic factors, effective August 1, 2021, Continental Cement Company will increase the price of cement by +
About Continental Cement Company
Continental Cement Company is a leading provider of cement based in Chesterfield, MO with plants in Hannibal, MO and Davenport, IA and 9 distribution terminals along the Mississippi River between Minneapolis, MN and New Orleans, LA. Continental Cement has built its business on consistent quality, superior service, and delivering a great experience since they began producing cement at their Hannibal location in 1903. The Company provides high quality cement for projects along the Mississippi corridor and is a subsidiary of Summit Materials, Inc.
About Summit Materials
Summit Materials is a leading vertically integrated materials-based company that supplies aggregates, cement, ready-mix concrete and asphalt in the United States and British Columbia, Canada. Summit is a geographically diverse, materials-based business of scale that offers customers a single-source provider of construction materials and related downstream products in the public infrastructure, residential and nonresidential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects” or “anticipates” or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 2, 2021. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
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FAQ
What prompted Continental Cement to raise prices in 2021?
When will the new cement prices take effect?
How much will prices increase for cement sold by Continental Cement?
What factors will influence the final delivered price of cement?
Which terminals are affected by the price increase?
