SigmaRoc PLC (LON:SRC) confirmed it acquired the Foelfach quarry in Carmarthenshire, South Wales, and appointed a new managing director following its general meeting on 27 December.
The building materials firm said Foelfach, a high polished stone value (PSV) quarry, was acquired for a non-material consideration during 2018 with an estimated 1.8mln tonnes of high PSV materials.
READ: SigmaRoc to buy Liverpool-based paving slabs maker CCP for £15.2mln
Following the acquisition, the company said work between its technical team and Sandybed Geological Services had proved up a “materially larger” resource of 4mln tonnes.
Sources of PSV in the UK are scare, with only around 8% of quarries producing high PSV materials.
Taking responsibility for the Foelfach quarry will be David McClelland, who the company appointed as managing director of its third Platform which is located in the west and south-west of the UK.
SigmaRoc said under McClelland’s leadership it was seeking to achieve a four-fold increase in Foelfach’s existing output to 80,000 tonnes per year, which would serve as a launch pad for expansion into the high PSV and asphalt markets.
McClelland previously served on the executive committee of Tarmac UK, where he oversaw 83 quarries, asphalt and concrete plants for the group’s UK central and western region, as well as a three-fold increase in profitability.
Max Vermorken, chief executive of SigmaRoc, said McClelland would bring “decades of technical, managerial and strategic experience” and would help the firm build it third Platform in a region he knew well.
In December, SigmaRoc acquired concrete blocks and paving stones maker CCP Building Products for £15.21mln.
In late-morning trading Thursday, SigmaRoc shares were up 0.25% at 40p.
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