|Type||Private (subsidiary of Cemex)|
The Rinker Group was an Australian-headquartered multinational building products company. Prior to its acquisition by Cemex, it was listed on both the Australian Securities Exchange and the New York Stock Exchange.
Rinker operates three major divisions:
- Readymix, which produces and delivers bulk concrete and quarried rock and sand for the building industry for the Australian market. Readymix has established subsidiaries in China, supplying concrete for the cities of Tianjin and Qingdao.
- Humes, which produces manufactured concrete products including pipe, rail track materials, precast concrete bridges, culverts and the like, for the Australian market. Rinker and Humes are generally the largest, or near-largest, in the Australian market in most of their product lines.
- Rinker Materials Corporation of West Palm Beach produces a number of concrete, aggregate and other heavy building products similar to the Australian product line in a number of US states, notably including Florida and Arizona. In Florida, for instance, it operates under the name "Florida Materials", and runs a substantial retail network for these materials and other building products. About 80% of Rinker's revenue and profits come from its US operations.
Rinker Group was established as a separate entity in 2003 through its demerger from CSR Limited. CSR had earlier purchased Rinker Materials, which was founded by Marshall "Doc" Rinker and A.V. Hansen in 1926. The company has approximately 14,000 employees and as of 2004 has sales of around 3,700 million USD and a market capitalisation of about 5 billion USD. Its net profit was 492 million USD in the 2003-04 financial year.
In the Companies Target Statement over Cemex's takeover bid they showed the groups result from 98 (they were at this time owned by Commonwealth Sugar Refineries). They revealed that the compound average growth rate for EBITDA is 24.8 while sales grew at 14.3% average compound. Taking these figures it's evident that in nine fiscal years their EBITDA margin has doubled from 14% to 28%. This means on average over the last 9 years 32.9% of any amount that sales grows by (14.3%) will result in 32.9% sales growth is directly translated into EBITDA.
Rinker Group was acquired by CEMEX, the world's third largest cement producer, through its subsidiary CEMEX Australia Pty Ltd. in a $14.2 billion USD takeover bid. As of June 2007 CEMEX owned a 67.3% stake in Rinker Group. The current Chief Executive Officer is David Clarke, who had long worked in CSR's heavy building products division and resides in Florida. The current chairman of the board of directors is Hector Medina, executive vice-president of CEMEX. The other board members are nominees from CEMEX too. The company's corporate headquarters are in Chatswood, a Sydney suburb.
|This article relies on references to primary sources. (December 2006)|