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Summit Materials Continental Cement Company Announces Ribbon Cutting Event for its New Cement Storage Facility
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Summit Materials (NYSE: SUM) announced the opening of the largest cement storage dome in North America, located in Davenport, IA, on March 20, 2023. This $30 million investment will enhance operational safety and efficiency by replacing winter storage barges. The new facility aligns with the company's sustainability efforts, as Continental Cement has shifted all production to low carbon cement. Additionally, a $32 million investment for expanding Green America Recycling operations is underway, aiming to reduce fossil fuel reliance by 55%. This commitment boosts Summit's environmental initiatives while promising improved service capabilities.
Positive
Investment of $30 million in the largest cement storage dome in North America.
Replacement of winter storage barges leading to safer, more efficient operations.
Full production switch to low carbon cement aligns with sustainability goals.
Upcoming $32 million investment to expand Green America Recycling operations.
Negative
None.
Largest Cement Storage Dome in North America Will Drive Safer and More Efficient Delivery to Customers
DENVER--(BUSINESS WIRE)--
Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company"), a leading vertically integrated construction materials company, proudly announces that its subsidiary, Continental Cement Company, LLC ("Continental Cement,” “CCC”) will host a ribbon cutting event for its new cement storage dome in Davenport, IA on March 20, 2023, at 2:00 pm central time.
The dome provides significant additional storage, allowing Continental Cement to replace previously used winter storage barges. It results in a safer and more efficient operation at Davenport, IA and will improve Continental Cement’s ability to serve its customers.
“The investment by Summit Materials of approximately $30 million in the largest cement storage dome in North America, represents a strong vote of confidence in Continental Cement and a commitment to sustained operations and investment in the State of Iowa,” commented David Loomes, President of Continental Cement. “We are proud to have partnered with several of our customers in using our low carbon cement (“PLC”) in the concrete mixes that form part of the dome. As a clear leader in our industry, Continental Cement became the first US cement producer to switch all production to PLC – this is consistent with our commitment to Sustainability and the path to Carbon neutrality.”
The event will be attended by State and local elected officials, customers and suppliers. Anne Noonan, Summit Materials CEO; David Loomes, Continental Cement President and several members of the Senior Management team from Summit Materials and Continental Cement will also attend.
In addition to the investment in the storage dome, Continental Cement has another investment underway at its Davenport plant. This $32 million investment will expand its Green America Recycling operation, allowing the plant to replace approximately 55% of its fossil fuel consumption with non-hazardous waste. This expansion is a crucial element of Continental Cement’s Sustainability objectives and aligns with its Carbon Reduction Commitment and roadmap.
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.
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.
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 December 31, 2022. 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.
