BIRMINGHAM, Ala., Dec. 11,
2024 /PRNewswire/ -- Vulcan Materials Company (NYSE:
VMC), the nation's largest producer of construction aggregates,
today announced that it has entered into a definitive agreement to
acquire Superior Ready Mix Concrete, L.P. ("Superior"). This
value-enhancing acquisition will add six aggregates operations with
more than 50 years of quality aggregates reserves to Vulcan's
California franchise. California ranks as the most populous state in
the U.S. and the second largest aggregates market. Superior will
also enhance Vulcan's customer service capabilities in Southern California with two asphalt plants
and thirteen ready-mixed concrete locations.
Tom Hill, Vulcan's Chairman and
Chief Executive Officer, said, "Since its beginnings in 1958,
Superior has had an unwavering commitment to excellence and a long
and successful track record of providing high quality products and
services to its customers. Our continuous improvement culture is
about making the best even better, and we look forward to working
with the Superior team to do just that."
Mr. Hill went on to say, "This acquisition is consistent with
our aggregates-led growth strategy of continuing to expand our
reach to better serve attractive regions in the United States. Our Vulcan Way of Selling
and Vulcan Way of Operating disciplines remain fundamental to
consistently compounding profitability across our franchise and
successfully integrating new operations. We are excited about the
breadth of strategic opportunities created by adding Superior to
Vulcan's portfolio. With the financial strength and flexibility to
continue to grow, we are well-positioned to continue to deliver
value for our shareholders and our customers."
The transaction is expected to close by the end of this year,
subject to customary closing conditions.
About Vulcan Materials Company
Vulcan Materials
Company, a member of the S&P 500 Index with headquarters in
Birmingham, Alabama, is the
nation's largest supplier of construction aggregates – primarily
crushed stone, sand and gravel – and a major producer of
aggregates-based construction materials, including asphalt and
ready-mixed concrete. For additional information about Vulcan, go
to www.vulcanmaterials.com.
FORWARD-LOOKING STATEMENT DISCLAIMER
This
communication contains "forward-looking statements" as that term is
defined under the Private Securities Litigation Reform Act of 1995
and other securities laws, regarding Vulcan, including, but not
limited to, statements about the benefits of the proposed
transaction between Vulcan and Superior Ready Mix Concrete, L.P.
("Superior"), including Vulcan's plans, objectives, expectations
and intentions and the expected timing of completion of the
proposed transaction. You can generally identify forward-looking
statements by the use of forward-looking terminology such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"explore," "evaluate," "intend," "may," "might," "plan,"
"potential," "predict," "project," "seek," "should," or "will," or
the negative thereof or other variations thereon or comparable
terminology. These forward-looking statements are based on Vulcan's
current plans, objectives, estimates, expectations and intentions
and inherently involve significant risks and uncertainties, many of
which are beyond Vulcan's control. Actual results and the timing of
events could differ materially from those anticipated in such
forward-looking statements as a result of these risks and
uncertainties, which include, without limitation, risks and
uncertainties associated with: Vulcan's ability to complete the
transaction on the proposed terms or on the anticipated timeline,
or at all, including risks and uncertainties related to the
satisfaction of closing conditions to consummate the proposed
transaction; the occurrence of any event, change or other
circumstance that could give rise to the termination of the
definitive purchase agreement relating to the proposed transaction;
failure to realize the expected benefits of the proposed
transaction; significant transaction costs and/or unknown or
inestimable liabilities; the risk that Superior's business will not
be integrated successfully or that such integration may be more
difficult, time-consuming or costly than expected; risks related to
future opportunities and plans for the combined company; disruption
from the proposed transaction, making it more difficult to conduct
business as usual or maintain relationships with customers,
employees or suppliers; effects relating to the announcement of the
proposed transaction on the market price of Vulcan's common stock;
the possibility that, if Vulcan does not achieve the perceived
benefits of the proposed transaction as rapidly or to the extent
anticipated by financial analysts or investors, the market price of
Vulcan's common stock could decline; regulatory initiatives and
changes in tax laws; general economic conditions; and other risks
and uncertainties, including those described from time to time
under the caption "Risk Factors" in reports and filings made by
Vulcan with the Securities and Exchange Commission, including
Vulcan's Annual Report on Form 10-K for the year ended December 31, 2023, Vulcan's Quarterly Reports on
Form 10-Q for the quarter ended March 31,
2024, the quarter ended June 30,
2024 and the quarter ended September
30, 2024, and future filings and reports made by Vulcan.
Moreover, other risks and uncertainties of which Vulcan is not
currently aware may also affect Vulcan's forward-looking statements
and may cause actual results and the timing of events to differ
materially from those anticipated. Vulcan cautions investors that
such forward-looking statements are not guarantees of future
performance and that undue reliance should not be placed on such
forward-looking statements. The forward-looking statements made in
this communication are made only as of the date hereof or as of the
dates indicated in the forward-looking statements and reflect the
views stated therein with respect to future events as at such
dates, even if they are subsequently made available by Vulcan on
its website or otherwise. Vulcan does not undertake any obligation
to update or supplement any forward-looking statements to reflect
actual results, new information, future events, changes in its
expectations or other circumstances that exist after the date as of
which the forward-looking statements were made, except as required
by law.
Investor Contact: Mark Warren
(205) 298-3220
Media Contact: Jack Bonnikson (205) 298-3220
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SOURCE Vulcan Materials Company