Press Releases
Eagle Materials Inc. Will Invest Approximately $65 Million to Expand Its Illinois Cement Plant in LaSalle, Illinois
DALLAS, March 14, 2005 /PRNewswire-FirstCall via COMTEX/ -- Eagle Materials Inc. (NYSE: EXP and EXP.B) announced today that its Board of Directors has approved a $65 million expansion of its Illinois Cement Company subsidiary's cement manufacturing plant in LaSalle, Illinois.
Planning for the project has been completed and construction is expected to begin immediately with startup scheduled for late 2006.
The modernized plant will incorporate state of the art technology maximizing operating efficiencies and will further strengthen Eagle's position as the low cost producer in its marketplace. The expansion will increase the plant's annual manufacturing capacity by about 65%, to approximately 1.1 million tons of cement, and reduces manufacturing costs by approximatly 20%. The existing plant, which became operational in 1974, has an annual capacity of approximately 670,000 tons of cement.
With this expansion Illinois Cement Company re-emphasizes its dedicated commitment to be the cement supplier of choice in the Illinois and southern Wisconsin markets, including the key cities of Chicago and Milwaukee.
Through its subsidiaries, Eagle Materials Inc. manufacturers and distributes Cement, Gypsum Wallboard, Recycled Paperboard and Concrete and Aggregates.
Forward-Looking Statements. This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the context of the statement and generally arise when the Company is discussing its beliefs, estimates or expectations. These statements are not guarantees of future performance and involve a number of risks and uncertainties. Actual results and outcomes may differ materially from what is expressed or forecast in such forward-looking statements. The principal risks and uncertainties that may affect the company's actual performance include the following: the cyclical and seasonal nature of the Company's business; public infrastructure expenditures; adverse weather; availability of raw materials; unexpected operational difficulties; governmental regulation and changes in governmental and public policy; changes in economic conditions specific to any one or more of the Company's markets; competition; announced increases in capacity in the gypsum wallboard and cement industries; general economic conditions; and interest rates. These and other factors are described in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2004 and in its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2004. These reports are filed with the Securities and Exchange Commission.
SOURCE Eagle Materials Inc.
Steven R. Rowley, President and CEO, or Arthur R. Zunker, Jr., Senior Vice President and CFO, both of Eagle Materials Inc., +1-214-432-2000
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