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December 18, 2018

Six Maine paving plants part of $555M sale to global firm

Courtesy / Eurovia SAS
Courtesy / Eurovia SAS
Connecticut-based Lane Construction Corp. has sold its asphalt plants and paving division to Eurovia SAS for $555 million. The sale includes six hot-mix asphalt facilities in Maine.
Courtesy / Eurovia
With its $555 million acquisition, Eurovia doubled its footprint in the United States.

A Connecticut-based company that owns six hot-mix asphalt facilities in Maine sold its asphalt plants and paving division for $555 million to Eurovia SAS, a subsidiary of the Vinci Group in France, one of the world's largest infrastructure and urban development companies.

Lane Construction Corp., itself owned by a leading global infrastructure company, Salini Impregilo, stated in a news release that the sale includes more than 40 hot-mix asphalt plants along the Eastern seaboard and extending as far west as Texas. It also included several mining operations and quarries in the Northeast.

Lane Construction's six paving plants in Maine that were included in the sale are located in Hermon, Charlotte, Presque Isle, Hancock, Washington and Lewiston. It also operates two portable asphalt production facilities as well as 15 pits and quarries in Maine.

Its customers include Federal Aviation Administration, Maine Department of Transportation, Department of Environmental Protection, Maine Turnpike Authority, municipalities, commercial clients and private entities and other federal and state agencies.

Brian Raymond, Lane Construction's district manager, told the Bangor Daily News that the Maine facilities employ 370 people, adding that Eurovia retained all of Lane's employees and clients in the transaction.

Eurovia becomes major East Coast asphalt-maker

In an August news release announcing its plans to acquire Lane Construction's asphalt plants and paving division, Eurovia said the acquisition would double its size in the United States.

"This acquisition complements Eurovia's current operations in the United States where its subsidiaries Hubbard Construction and Blythe Construction operate in the Southeastern states of Florida, Georgia, North and South Carolina," the company stated in the news release. "As a result of this acquisition, subject to regulatory approval in the United States, Eurovia becomes one of the larger asphalt producers on the East Coast with a total revenue of about $1.2 billion."

Lane Construction's operations in the 10 states where its facilities were sold to Eurovia generate more than $600 million in annual revenue, Eurovia stated in its news release.

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