Vulcan Materials. Image: Timon/ stock.adobe.com
Vulcan Materials has announced it will acquire the Wake Stone Corporation after it entered a definitive agreement.
Vulcan Materials is one of the biggest producers of construction materials in the United States while Wake Stone is an aggregates supplier focusing on the Carolinas regions.
According to Vulcan Materials, the acqusition will deliver six decades of hard rock reserves which will help it serve high-growth areas including Raleigh in North Carolina.
“Established in 1970, Wake Stone has successfully built a leading aggregates franchise that shares many of the same values as Vulcan. Our people are at the heart of our business, and we are excited to work with the talented Wake Stone team,” Tom Hill, chairman and chief executive officer of Vulcan Materials, said.
“This acquisition is consistent with our aggregates-led growth strategy of continuing to expand our reach to better serve more high-growth 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. 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 acquisition is subject to closing conditions but is expected to close later this year.
“Wake Stone will be a wholly-owned subsidiary of Vulcan and will move forward with all planned projects,” said Sam Bratton, Wake Stone’s president and chief executive officer, reported by Yahoo Finance.
“Vulcan Materials is a business that Wake Stone has aspired to be like in many ways, and we have the utmost respect for its management team.
“They take good care of their people, and their values align closely with Wake Stone.”
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