Hanson Announces Hong Kong Joint Venture
February 26, 2004
Hanson PLC recently announced the formation of a 50/50 joint venture between Hanson Hong Kong and Anderson Asia Limited, a subsidiary of Cheung Kong Infrastructure Holdings Limited (CKI). The combination of the two largest construction materials companies in Hong Kong will create a market leading aggregates and ready-mixed concrete supplier called Alliance Construction Materials Ltd. Completion of the merger, which is subject to regulatory and other approvals, is anticipated to occur during the second quarter. "We are very pleased to form this partnership with the Cheung Kong Group," said Alan Murray, chief executive of Hanson PLC. "The merger will provide us with the opportunity to rationalize operating assets and reduce overhead costs, while at the same time improving the service we can provide to our customers in the construction industry."
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