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Article: FTC SUES TO BLOCK OLDCASTLE ARCHITECTURAL'S PROPOSED ACQUISITION OF PAVESTONE COMPANIES
- Article from:
- US Fed News Service, Including US State News
- Article date:
- January 14, 2009
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The Federal Trade Commission issued the following press release:
The Federal Trade Commission has filed suit to block Oldcastle Architectural, Inc.'s proposed acquisition of the interests and assets of the rival Pavestone companies, charging that the $540 million acquisition would greatly reduce competition for drycast concrete hardscape products sold to national home centers, such as The Home Depot, Lowe's, and Wal-Mart in nearly 300 metropolitan areas in 40 states and the District of Columbia.
The FTC's administrative complaint alleges that a combined Oldcastle/Pavestone would harm consumers by creating a company that would control as much as 90 percent or more of sales to national home ...