- Owens Corning gets a Green Cross for Safety Medal
- Scotts Miracle-Gro replaces CFO
- Mike Crouch named president & COO at Acme Lift Co.
- Installed Building Products acquires U.S. Insulation Corp.
- Sears plans to close more stores
- Amid losses, Sears points to ‘transformation’
- After Zambrano's passing, Cemex has new leadership
Vulcan Materials Company has sold an interest in the future production of its four quarries in Atlantia, Ga., to Plum Creek Timber Company, Inc.
The transaction involves a percentage royalty interest in 255 million tons of aggregate production over 25 years.
"In Plum Creek, we have a partner that shares our long-term view of the value and growth in the aggregates business and is investing based on that view," said Donald M. James, Vulcan chairman and CEO. "This transaction provides us capital to deploy in strategic investments in our aggregates business and to strengthen our balance sheet."
The sale gives Vulcan the opportunity to improve its bottom line while maintaining operational ownership over the assets. The company expects a pre-tax gain of $154 million over the life of the transaction, less modest transaction expenses.