Company makes payment related to price-fixing case:

December 12, 2005

Irving Materials Inc. in November deposited $2 million into an escrow account to provide funding toward any eventual settlement it may make with the state of Indiana over price-fixing of ready-mixed concrete on state, local government and school projects.

In June, Greenfield-based IMI pleaded guilty in U.S. District Court to fixing prices on ready-mixed concrete in central Indiana between July 2000 and May 2004.

IMI also has agreed that the four principals who pleaded guilty, Fred R. "Pete" Irving, Price Irving, Daniel C. Butler and John Huggins, will no longer have any senior management responsibility over IMI's ready-mixed concrete business or its subsidiary, E&B Paving.

As part of the agreement, the Indiana Department of Transportation released 10 construction contracts to E&B Paving, which was the low bidder, the state announced.
Source: XMLAr00901.xml
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