The company said the deal is worth £33.1m (€49m).

Readymix's precast concrete business had turnover of £37.7m (€55.8m) and earnings before interest, tax, depreciation and amortisation of £5m (€7.4m) in the year ending December 2006.

This business had net assets of £25.7m (€38m), which included net trade debtors and creditors of £3.4m (€5m) which are not being transferred, at 30 June 2007.