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PALMETTO — Vulcan Materials Co., a $2.6 billion construction aggregate firm, has sold off its cement and concrete assets in Florida, a lot that includes cement terminals and grinding facilities in Tampa and Port Manatee.
Birmingham, Ala.-based Vulcan sold the entire Florida cement and concrete portfolio, plus some entities in south Georgia, to Colombia-based Cementos Argos for $720 million, according to a release. Cementos Argos, a concrete and cement production firm, also acquired Vulcan's cement plant in Newberry, Alachua County, in addition to 69 ready-mixed concrete sites and 13 concrete block and building material sites.
The assets, in total, generated about $153 million in net sales and a loss of $1 million in earnings before taxes, interest, depreciation and amortization through the first nine months of 2013, the release states. Vulcan will retain all of its other aggregate operations in Florida and its cement segment's ground calcium operations. Vulcan will also supply aggregates to the divested concrete facilities, at market prices, for a period of 20 years. The transaction, subject to regulatory approval, is expected to close by April.
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