DOTHAN, Ala., March 11, 2020 (GLOBE NEWSWIRE) -- Construction Partners, Inc. (NASDAQ: ROAD) (the “Company”), a vertically integrated civil infrastructure company specializing in the construction and maintenance of roadways across five southeastern states, today announced that its wholly owned subsidiary, The Scruggs Company, will invest approximately $4.2 million to construct a new sand processing facility adjacent to its existing sand mine in Adel, Georgia. The new facility will process aggregate materials from the mine to produce furnace-ready sand of a sufficient quality to be used in the manufacture of glass. The glass sand represents a new product market for the Company to be derived from its existing mining operations.
“In addition to the revenue and gross profit we expect to realize from the new sand processing facility, the increased volume of sand we expect to sell as a result of this new product should incrementally reduce the overall production costs of our current mining operation,” said Charles E. Owens, President and Chief Executive Officer of the Company. “We continuously seek opportunities to increase our revenue and enhance our existing operations, and we appreciate Reece Akins and his team at The Scruggs Company for recognizing and pursuing creative solutions to satisfy the needs of our customers.”
About Construction Partners, Inc.
Construction Partners, Inc. is a vertically integrated civil infrastructure company operating across five southeastern states, with 33 hot-mix asphalt plants, nine aggregate facilities and one liquid asphalt terminal. Publicly funded projects make up the majority of its business and include local and state roadways, interstate highways, airport runways and bridges. The majority of the Company’s public projects are maintenance-related. Private sector projects include paving and sitework for office and industrial parks, shopping centers, local businesses and residential developments. To learn more, visit www.constructionpartners.net.
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained herein that are not statements of historical or current fact constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words such as “seek” “continue,” “estimate,” “predict,” “potential,” “targeting,” “could,” “might,” “may,” “will,” “expect,” “should,” “anticipate,” “intend,” “project,” “outlook,” “believe,” “plan” and similar expressions or their negative. The forward-looking statements contained in this press release include, without limitation, statements relating to the benefits of a business acquisitions and the expected results of the acquired business. These and other forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could significantly affect expected results. Important factors that could cause actual results to differ materially from those expressed in the forward-looking statements are set forth in the Company’s most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K and other reports the Company files with the SEC. Forward-looking statements speak only as of the date they are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events, or circumstances or other changes affecting such statements except to the extent required by applicable law.
Dennard Lascar Investor Relations
Source: Construction Partners, Inc.