Vulcan makes series of moves to boost liquidity

Vulcan Materials Co. recently completed a set of transactions that generated $149 million, including the sales of reclaimed and excess land in California, one small quarry in Virginia and a percentage of future production at four South Carolina quarries.

The South Carolina transaction is with Plum Creek Timber Co. Inc., a large, publicly traded landowner and a manager of timberlands and other natural resources. According to Vulcan, the sale enables it to unlock long-term value in the four quarries tax efficiently while maintaining full ownership and operational and marketing control. With the transaction, Vulcan receives $75 million in exchange for an estimated 10.5 percent royalty interest in the sale of about 144 million tons of production over 25 years.

In addition, Vulcan expects to strengthen its aggregates businesses in Texas and Georgia with the acquisition of two active quarries and additional reserves adjacent to two existing quarries.