Vulcan Materials Company (NYSE: VMC) shares broke even Wednesday. 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. 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 13 ready-mixed concrete locations.
Vulcan CEO Tom Hill 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."
Hill went on to say, "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."
VMC shares forged ahead $1.92 to $278.32.
