EULESS, Texas, March 5, 2020 /PRNewswire/ -- U.S. Concrete,
Inc. (NASDAQ: USCR) ("U.S. Concrete" or the "Company") announced
today that its Board of Directors ("Board") has nominated
Rajan C. Penkar for election to join
the Company's Board of Directors. The election will take place at
the Company's annual meeting of stockholders in May 2020.
"Mr. Penkar's extensive experience in logistics and sourcing
brings a unique set of qualities to the Company's Board and I
believe he will help further drive shareholder value, if elected,"
said U.S. Concrete Lead Independent Director of the Board,
Michael D. Lundin. "Raj's diverse
background in technology and e-commerce will support the Company's
major investment in and strategic focus on innovation through its
suite of dispatching and cloud-based apps, including Where's My
Concrete?®. His experience in all aspects of the supply chain
including global sourcing, retail and e-commerce distribution and
fulfillment, global transportation, and inventory management will
enhance the Company's operations and deliveries, further building
the value-proposition."
Mr. Penkar has served as president and founder of Supply Chain
Advisory Services, LLC, which provides e-commerce and omni-channel
supply chain design and optimization services to retailers, since
2014. From 2011 to 2014, Mr. Penkar served as senior vice president
and president, supply chain for Sears Holding Corporation, an
integrated retailer. Before Sears, Mr. Penkar held various
positions of increasing responsibility with United Parcel Service,
Inc., or UPS, from 1987 to 2011, most recently serving as
president, UPS Customer Solutions. Customer engagements covered
broad, multi-geography supply chain solutions in small package,
contract logistics, forwarding, freight, and service parts
logistics. Previously, Mr. Penkar served as a senior member -
technical staff at Unimation, a robotics company, and Electronic
Associates, Inc., a developer of power plant simulators and
manufacturer of analog computers. Mr. Penkar holds a MS in
mechanical engineering from Syracuse
University, and a BTech in mechanical engineering from the
Indian Institute of Technology,
Bombay. Mr. Penkar is the
recipient of 14 patents in robotics, automation, and supply chain
processes.
About U.S. Concrete, Inc.
U.S. Concrete, Inc. (NASDAQ:
USCR) is a leading supplier of aggregates and high-performance
concrete for large-scale commercial, residential and infrastructure
projects in high-growth markets across the country. The Company
holds leading market positions in New
York, Philadelphia,
San Francisco, Dallas-Fort Worth and Washington, D.C., and its materials have been
used in some of the most complex and highly specialized
construction projects of the last decade. U.S. Concrete has
continued to grow organically and through a series of strategic
acquisitions of independent producers in our target markets.
For more information on U.S. Concrete, visit the "About Us"
section of our website - www.us-concrete.com/about-us.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains various forward-looking statements and
information that are based on management's beliefs, as well as
assumptions made by and information currently available to
management. These forward-looking statements speak only as of
the date of this press release. The Company disclaims any
obligation to update these statements and cautions you not to rely
unduly on them. Forward-looking information includes, but is
not limited to, statements regarding: the expansion of the
business; the opportunities and results of our acquisitions; the
prospects for growth in new and existing markets; encouraging
nature of volume and pricing increases; the business levels of our
existing markets; ready-mixed concrete backlog; ability to maintain
our cost structure and monitor fixed costs; ability to maximize
liquidity, manage variable costs, control capital spending and
monitor working capital usage; and the adequacy of current
liquidity. Although U.S. Concrete believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that those expectations will
prove to have been correct. Such statements are subject to
certain risks, uncertainties and assumptions, including, among
other matters: general and regional economic conditions; the level
of activity in the construction industry; the ability of U.S.
Concrete to complete acquisitions and to effectively integrate the
operations of acquired companies; development of adequate
management infrastructure; departure of key personnel; access to
labor; union disruption; competitive factors; government
regulations; exposure to environmental and other liabilities; the
cyclical and seasonal nature of U.S. Concrete's business; adverse
weather conditions; the availability and pricing of raw materials;
the availability of refinancing alternatives; results of
litigation; and general risks related to the industry and markets
in which U.S. Concrete operates. Should one or more of these risks
materialize, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those
expected. These risks, as well as others, are discussed in
greater detail in U.S. Concrete's filings with the Securities and
Exchange Commission, including U.S. Concrete's Annual Report on
Form 10-K for the year ended December 31,
2019.
Source: USCR-G
Company Contact Information:
U.S. Concrete, Inc.
Investor Relations
844-828-4774
IR@us-concrete.com
Media Contact:
Media@us-concrete.com
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SOURCE U.S. Concrete, Inc.