NEW ENTERPRISE, Pa. - Two Berks County-based companies -- one a supplier of building materials and energy products; the other a road construction and blacktop supply company -- are now under new ownership.
Bedford County-based New Enterprise Stone & Lime Co. (NESL) announced Tuesday that it has bought Berks Products Corporation, headquartered in Ontelaunee Township, and EJB Paving & Materials Co,, based in Spring Township.
The total price of the two acquisitions was approximately $46.3 million, officials said.
The deal gives New Enterprise two aggregate plants, two hot mix asphalt plants, four ready mixed concrete plants, and a construction supply center that are situated between the company's existing locations in Lancaster County and the Lehigh Valley.
NESL said it will leverage its new shared service center and the scalability of its infrastructure to seamlessly integrate those nine facilities into its broader operations.
"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," said Paul Detwiler III, NESL's chief executive officer. "The acquisitions were completed with no additional long-term debt and will push our operating profit to record highs. We have now shown our ability to grow operating profit while reducing debt – a cornerstone of our operating plan going forward."
Berks Products has been serving southeastern Pennsylvania since its start in Reading in 1896; EJB Paving & Materials was formed in 1993 as the result of a partnership between Berks Products and E.J. Breneman LP.
- Updated Periods of snow through early Wednesday: 3-6 inches north, 1-3 inches south
- Double homicide investigation leads to arrest in Poconos
- Updated Wreck closes eastbound I-78 in Berks County
- Bethlehem Township preparing to oppose PennEast Pipeline
- Emmaus unhappy with trash hauler
- Muhlenberg Township appoints school liaison
- Animal shelters working to cope with surge in cats
- First responders readying for snowfall
- Flu hitting Berks early and hard
- Evacuated Bethlehem residents hope they will be able to return home