BIRMINGHAM, Ala., Sept. 26,
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 Wake Stone Corporation, a leading pure-play
aggregates supplier in the Carolinas. This value-enhancing
acquisition is expected to provide more than 60 years of quality
hard rock reserves to serve attractive high-growth geographies,
most notably Raleigh, North
Carolina.
Tom Hill, Vulcan's Chairman and
Chief Executive Officer, said, "We look forward to welcoming Wake
Stone to the Vulcan family. 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.
"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 transaction is expected to close later this year, subject to
satisfaction of 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 Wake Stone Corporation, 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 securing
the necessary approvals and the satisfaction of other 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 merger 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 Wake Stone
Corporation'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 and the
quarter ended June 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