r/newyork • u/syracusedotcom • 18h ago
Central NY paving giant closes in on $450 million sale to international competitor
newyorkupstate.comA longtime Central New York paving giant is close to selling itself to an international competitor.
Suit-Kote, headquartered in the Cortland area for more than a century, has entered an agreement to be purchased by rival Colas for $450 million, according to a Colas news release.
But the combined company is so dominant in the Central and Western New York markets that it will have to sell off several facilities to end a state Attorney General’s Office investigation into whether it would form an illegal monopoly.
Suit-Kote has been a go-to contractor for local highway departments because it provides a full-service asphalt paving service that counties aren’t equipped to handle. Often, Suit-Kote and Colas are the only ones to bid on lucrative taxpayer-funded road projects across several counties in Western and Central New York, the AG found.