Vulcan Materials expands geographic reach with completed acquisition of Florida Rock

By Lisa Kerner

Charlotte, N.C., Nov. 16 - Vulcan Materials Co. completed its acquisition of Florida Rock Industries, Inc. in a stock and cash transaction valued at some $4.2 billion.

The acquisition broadens the scope of Vulcan's operations with an enhanced presence in Florida markets and other high-growth southeast and mid-Atlantic states.

"We can now begin pursuing the synergies from our combination and opportunities from our broadened regional footprint and expanded presence in some of the most attractive construction materials markets in the United States," Vulcan chairman and chief executive officer Don James said in a company news release.

"The addition of Florida Rock will enhance our strategic position and long-term growth opportunities."

Under the companies' Feb. 19, 2007 agreement, Vulcan stockholders will receive one share of common stock in a new holding company for each Vulcan share they hold.

Florida Rock stockholders will receive either 0.63 of a share of the new holding company or $67 in cash, without interest, for each Florida Rock share, subject to proration.

Both Vulcan Materials, based in Birmingham, Ala., and Florida Rock, located in Jacksonville, Fla., produce construction aggregates and other construction materials.

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