Vulcan Materials Co., the a producer of construction aggregates in the US, has reached a definitive agreement with SPO Partners to acquire its aggregates business, Aggregates USA LLC, for US$900 million. Aggregates USA operates 31 facilities in Georgia, Florida, Tennessee, South Carolina, and Virginia.
The acquisition will enable Vulcan Materials to capitalize on continuing increases in state highway funding programmes in those states, said Vulcan’s Chairman and CEO, Tom Hill, as well as on continued private sector construction growth in the region.
“The transaction will provide Vulcan with long-term high-quality reserves across the entire portfolio,” continued Hill.
The acquisition includes three granite quarries in Georgia, as well as 12 limestone quarries in eastern Tennessee and southwest Virginia, although the company said it may divest a number of the Tennessee quarries to speed up regulatory approval of the deal.
The transaction is subject to customary closing conditions and regulatory provisions.
Read the article online at: https://www.worldcement.com/the-americas/31052017/vulcan-materials-to-buy-aggregates-usa/