23.01.2014 13:26:38
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Vulcan Materials To Sell Florida Cement & Concrete Assets For $720 Mln
(RTTNews) - Construction aggregates producer Vulcan Materials Co. (VMC) has agreed to sell its cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720 million. Vulcan is retaining all of its aggregates operations in Florida. Pursuant to this, the firm has reached a supply deal to continue to provide aggregates to the divested concrete facilities, at market prices, for 20 years. The transaction may close in the first quarter of 2014.
Concurrently, the company is initiating a tender offer to buy $500 million of outstanding debt. A separate announcement released today outlines the details of this tender offer.
Also, the firm exercised an option in December to buy land containing 136 million tons of aggregates reserves in Southern California for $117 million. Earlier, the company operated this quarry under a lease which was slated to expire in 2017. The land purchase increases pretax earnings by eliminating a $7 million per year lease payment and, through a deferred like-kind exchange, allows the firm to defer about $37 million of cash taxes referable to the sale of land that is part of the cement and concrete assets transaction.
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Vulcan Materials Co. | 262,00 | -1,50% |