Vulcan Materials Closes Sale Of Florida Cement And Concrete Assets

(RTTNews) - Vulcan Materials Co. (VMC) said Friday that it has completed the sale of its cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720 million.

Under a separate supply agreement, Vulcan will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years.

The completion of the asset sale to Cementos Argos and related restructuring and other transaction-related expenses are expected to result in a pretax gain of about $210 million, or $1.00 per share for 2014, Vulcan said.