Hanson Acquires Tidewater and Moe Sand

Hanson PLC's subsidiary, Hanson Building Materials America, has acquired Tidewater Sand & Gravel and Moe Sand Co. for $44 million in cash. Tidewater is privately owned and headquartered in Oakland. The company has been serving the San Francisco Bay Area construction industry with high-quality construction grade aggregates since the mid-1950s. For the year ended December 31, 1998, Tidewater had unaudited sales revenue of $15.5 million and operating profit of $6.4 million. Tidewater carries out sand dredging from long-term leases which provide access to sand reserves in the San Francisco Bay. In 1998, it sold more than 1.6 million tons of sand and gravel from its three strategically located distribution facilities in the Bay Area.