Mar 3 2006
General Dynamics has entered a definitive agreement to sell its Material Service Corporation subsidiary to Hanson Aggregates North America, a subsidiary of Hanson PLC, London, for $300 million. The transaction, which has been approved by the boards of directors of both companies, is expected to be completed in the second quarter of 2006.
Material Service Corporation, headquartered in Chicago, Ill., mines sand, stone and gravel for use in construction. The company operates ten stone quarries and three sand and gravel quarries. It employs approximately 800 people. The company's primary market is Illinois, including the greater metropolitan area of Chicago.