Friday, Feb. 15, 2002 | 9:56 a.m.
Meadow Valley Corp. of Phoenix said it agreed to sell its Ready Mix Inc. subsidiary in Las Vegas to RMI Enterprises LLC of Las Vegas for about $12 million.
RMI will pay $4 million in cash and assume debt and leasehold obligations of $8 million. In connection with the transaction, MVCO will retire 560,100 shares of its common stock held by two stockholders.
RMI provides ready mix concrete and gravel products to Meadow Valley and other contractors in the Las Vegas and Phoenix markets. Meadow Valley said it's selling RMI in part because of cash flow problems caused by $29 million in claims it has filed against the state of New Mexico and the Clark County Department of Public Works for work on heavy construction projects.
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