Acquisition of a Business

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquisition of a Business

On July 1, 2014, the Company purchased all of the common stock of Russell Block Company, Inc. (Russell Block), which is included in our Ready-Mixed Concrete Business, primarily to obtain additional markets and to improve manufacturing efficiencies. The consideration for acquiring Russell Block’s stock totaled $2.5 million. Russell Block was then liquidated and its assets were distributed to the Company.

In accordance with Accounting Standards Codification (ASC) 805, the Company determined the assets and liabilities acquired constituted a business and applied purchase accounting to the assets acquired and the liabilities assumed. Since Russell Block is not a substantial subsidiary, pro forma information is not provided for the combined entity. The following table summarizes the consideration paid for acquisition of the assets acquired and the liabilities assumed at the acquisition date as well as the fair value at the acquisition date:

Consideration:
Cash paid, gross			$	2,499,500
Fair Value of assets acquired and liabilities assumed:
	Assets
		Current assets (including cash of $5,250)	$	192,044
		Property, plant and equipment	747,500
		Other assets	1,959,956
	Liabilities
		Current liabilities	(400,000		)
	Total:		$	2,499,500