DALLAS, March 14 /PRNewswire-FirstCall/ -- 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.
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Related links:
http://www.eaglematerials.com
CONTACT:
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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