UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): February 1, 2019
Continental Materials Corporation
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-03834 | 36-2274391 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 440 S. LaSalle Drive, Suite 3100, Chicago, IL 60605 |
| (Address of Principal Executive Offices) (Zip Code) |
(312)541-7200
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Item 2.01. Completion of Acquisition or Disposition of Assets.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Continental Materials Corporation | ||
| Date: February 1, 2019 | By: | /s/ Paul Ainsworth |
| Paul Ainsworth | ||
| Chief Financial Officer | ||
EXHIBIT 99.1
Continental Materials Corp Sells Transit Mix Concrete
Looking for new M&A opportunities in US manufacturing
CHICAGO, Feb. 01, 2019 (GLOBE NEWSWIRE) -- Continental Materials Corporation today announces the sale of substantially all the assets of Transit Mix Concrete, a leading supplier of building materials in Colorado to Aggregate Industries – WCR, a subsidiary of LafargeHolcim, for approximately $27 million.
The transaction includes the ready-mix plant operations in Colorado Springs and Pueblo, Colorado and the Daniels sand pit in Colorado Springs, Colorado.
“We are pleased to find a supportive new partner for Transit Mix, who will invest and grow the ready-mix and sand operations in Southern Colorado and retain over 180 skilled and experienced employees. Since Continental Materials acquired Transit Mix in 1955, it has overseen steady growth through long term investment, from a single operation to the current business with $60m revenue and several locations along the Southern Front Range,” said Jim Gidwitz, Chairman of Continental Materials. “With the proceeds from the sale Continental Materials will look to invest in US based manufacturing businesses with a long term outlook.”
Continental Materials is retaining its building supply and aggregates businesses in Colorado, which will be rebranded as Castle Rebar and Supply and Castle Concrete Aggregates, respectively.
About Continental Materials Corporation
Continental Materials Corporation (NYSE American: CUO) is a public holding company with subsidiaries in industrial and residential heating and cooling manufacturing, commercial door distribution and manufacturing and aggregates mining and processing. Headquartered in Chicago, IL, Continental Materials Corporation employs approximately 420 employees across the US.
Contact
Ryan Sullivan, President and Chief Operating Officer, Continental Materials Corporation
T: +1 312 541 7216
Email: ryan_sullivan@contmtl.com