U.S. Concrete will relocate its headquarters to Euless
U.S. Concrete, a producer of ready-mix concrete and precast concrete products and owner of Redi-Mix, will relocate its headquarters from Houston to Euless, city officials said today.
The company already employs 250 workers at a Redi-Mix regional headquarters at 331 N. Main St. and expects to add 45 professional-level jobs with the relocation. The move is expected to be completed by July 1.
"Redi-Mix has been a crucial business partner with Euless for many years and we are excited to see them expand," said City Manager Gary McKamie. "Relocating the corporate headquarters to Euless will promote new business development within the city.”
Euless put together a generous incentive package to attract the Redi-Mix operation a couple of years ago. The city built the regional headquarters facility for the company, spending $4.9 million for a 27,551-square-foot building on 2.2 acres. In 2010, Redi-Mix moved in, rent-free, as long as generates a certain level of sales tax, according to our columnist, Mitchell Schnurman.
And because the city owns the headquarters, Redi-Mix pays no real estate taxes (although it does pay a much smaller tax bill on business property).
U.S. Concrete is a publicly-traded company which went through a Chapter 11 bankruptcy reorganization in 2010. It trades on the Nasdaq under the symbol USCR. Last month, it reported a net loss from continuing oeprations of $11.7 million for 2011 on revenues of $495 million.
-- Steve Kaskovich