BIRMINGHAM, Ala. - (Business Wire) Vulcan Materials Company (NYSE: VMC) today announced it has completed the divestitures required pursuant to a consent decree that was a condition of the Department of Justice
’s clearance for Vulcan
’s acquisition of Florida Rock Industries, Inc., which closed on November 16, 2007. The divestitures were completed in a series of three independent transactions that involved both cash and the tax-deferred exchange of strategic assets.
In a transaction with Martin Marietta Materials, Inc., Vulcan sold four quarries and a greenfield site in Georgia and a quarry in Tennessee. In return, Vulcan received cash, a quarry near Sacramento, California, real property with proven and permitted reserves adjacent to a Vulcan quarry in San Antonio, Texas, and fee ownership of property at a Vulcan quarry in North Carolina that Vulcan had leased from Martin Marietta.
With the Luck Stone Corporation, Vulcan exchanged a former Florida Rock quarry and a sales yard in Virginia for cash and Luck Stone quarries in Elkton and Augusta, Virginia.
In a third transaction, Vulcan sold its interests in a quarry in Georgia to The Concrete Company, which had been the joint venture partner with Florida Rock in this operation.
The cash portions of these transactions totaled $214 million subject to certain additional post-closing cash adjustments relating to inventories and escrows. Two of the divested sites were owned by Vulcan prior to its acquisition of Florida Rock. Accordingly, Vulcan realized an after-tax gain on the sale of these assets of approximately $0.41 per diluted share, which will be recorded in the second quarter of 2008. Vulcan previously anticipated that this gain would be realized in the first quarter.
Vulcan Materials Company, a member of the S&P 500 index, is the nation’s foremost producer of construction aggregates and a major producer of other construction materials. For additional information about Vulcan Materials Company, see www.vulcanmaterials.com.
Vulcan Materials Company
Media Contact:
David Donaldson, 205-298-3220
or
Investor Contact:
Mark Warren, 205-298-3220
