Hanson Australia – a subsidiary of multinational company HeidelbergCement – acquired Alex Fraser for approximately €135 million ($AUD208m) after its parent company John Swire & Sons decided to sell it following a ‘strategic review’ in 2017.

In a statement, Hanson noted that the acquisition would allow the company to continue expanding into parallel industries such as recycling and asphalt.

“The acquisition represents an important step for Hanson Australia,” HeidelbergCement managing board chairman Bernd Scheifele said.

“In particular, it will provide Hanson Australia with expertise in asphalt and construction materials recycling that complements the existing business and can be leveraged for entry into other markets.”

Alex Fraser managing director Peter Murphy said the agreement was an ‘exciting opportunity’ for the business.

“I’m delighted to see Alex Fraser acquired by Hanson, which is one of Australia’s largest and most innovative providers of construction materials,” Murphy said.

“There are great synergies between our businesses. There’s a bright future ahead for Alex Fraser and we look forward to being part of Hanson,” he added.

Hanson’s chief executive Phil Schacht also confirmed that Alex Fraser would continue to operate as a stand-alone business, noting it was ‘important’ for the company to retain its brand.

Quarry approached Hanson and Alex Fraser for additional comments regarding the local impact of the acquisition on the aggregates industry but both companies declined to comment.

Alex Fraser was established in 1879 in Melbourne and is now one of Australia’s leading C&D recycling contractors.

Hanson is an aggregate producer that operates nationwide. It is part of HeidelbergCement, a multinational cement, concrete and heavy building products supplier that operates on five continents.