Vulcan Materials to acquire Polaris Materials

Vulcan Materials Co., the nation’s largest producer of construction aggregate, has reached a definitive agreement to acquire Polaris Materials Corp., an aggregate and logistics company that serves California markets from operations in British Columbia.

The Polaris business includes a high-capacity aggregate processing plant and deep-water port on Vancouver Island, along with associated long-term aggregate reserves and five distribution outlets in the San Francisco Bay area and in Long Beach, California.

“We are very pleased to have reached agreement to acquire Polaris Materials, which is expected to further enhance our ability to serve major California markets,” says Vulcan Materials Chairman and CEO Tom Hill. ” Polaris has assembled high-quality aggregate reserves that will further expand our product offerings, particularly for certain concrete applications, as well as our geographic coverage in markets in the San Francisco and Los Angeles metro areas.”

Hill continues, “This acquisition will enhance our logistics capabilities with the ship delivery of aggregate products and provide Vulcan with a platform for future distribution outlet opportunities along the Pacific Coast. The acquisition is especially timely,” he says, “given California’s recent passage of SB1, which will provide $52 billion for key transportation infrastructure projects over the next 10 years, in addition to passage of local ballot measures that add more than $1 billion annually for infrastructure projects in key growth markets that we serve.”

The transaction will be subject to approval by Polaris Materials’ security holders, approval by the Supreme Court of British Columbia, and other customary closing conditions. Subject to obtaining the required approvals, the transaction is expected to complete in the fourth quarter of 2017.