US building materials major Vulcan Materials Company has entered into a definitive agreement to acquire Southern California-based Superior Ready Mix Concrete.
This value-enhancing acquisition will add six aggregate operations with over 50 years of quality aggregate reserves to Vulcan’s California franchise.
California is the most populous state in the US and the second largest aggregates market. Superior will also enhance Vulcan’s customer service capabilities in Southern California with two asphalt plants and thirteen ready-mixed concrete locations.
Tom Hill, Vulcan’s Chairman and Chief Executive Officer, said, “Since its beginnings in 1958, Superior has had an unwavering commitment to excellence and a long and successful track record of providing high-quality products and services to its customers. Our continuous improvement culture is about making the best even better, and we look forward to working with the Superior team to do just that.”
Hill added: “This acquisition is consistent with our aggregates-led growth strategy of continuing to expand our reach to better serve attractive 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. We are excited about the breadth of strategic opportunities created by adding Superior to Vulcan’s portfolio. 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 by the end of this year, subject to customary closing conditions.
