Vulcan Materials acquires Calif. concrete provider
Alabama-based Vulcan Materials Company has entered into a definitive agreement to acquire Superior Ready Mix Concrete, L.P. This acquisition, according to Vulcan, will add six aggregates operations with more than 50 years of aggregates reserves to Vulcan's California franchise.
California is 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, per the company.
Tom Hill, Vulcan's chairman and CEO, 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 adds: "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... 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.
