One of the state's leading suppliers of construction materials has acquired EJB Paving & Materials Co. and Berks Products Corp. for $46.3 million.
New Enterprise Stone & Lime Co. Inc., is a privately held, fifth-generation family-owned company based in Bedford County. The company announced it bought the two longtime Berks County companies.
New Enterprises, which also builds highways and bridges, has operations in western New York and Pennsylvania, including the Lehigh Valley.
Both Berks County companies have longtime roots in the region. Berks Products, based in Ontelaunee Township, was founded in Reading in 1896. EJB Paving & Material, based in Spring Township, began as E.J. Breneman Inc. in 1942.
New Enterprise will acquire nine facilities at the companies, including two aggregate plants, two hot-mix asphalt plants, four ready-mixed concrete plants and a construction supply center.
New Enterprise noted in a news release that the two companies are ideally situated between New Enterprise’s operations in Lehigh and Lancaster counties, which enable it to expand its operating footprint and market scope in the Reading-area market.
New Enterprise’s core areas include the production of aggregate; crushed stone; construction sand and gravel; hot-mix asphalt production; ready mixed concrete production and concrete products and heavy construction; blacktop paving; site preparation services; and traffic safety services and equipment.
“Together with our $46.5 million of debt reduction in the previous two quarters, the Berks County acquisitions demonstrate the viability of our profit enhancement plan initiated five years ago,” Paul Detwiler III, CEO of New Enterprise, said in a statement.
“The acquisitions were completed with no additional long-term debt and will push our operating profit to record highs,” he said.
Calls seeking comment from EJB and Berks Products were not returned.