Vulcan Materials Co. has signed an asset purchase agreement to acquire Lebanon, Tenn.-based LoJac Holdings Corp.’s asphalt, construction, safety and Monterey operations, according to The Tennessean.
LoJac is a prominent asphalt producer in Middle Tennessee and contractor for site grading, asphalt and concrete paving known for highway construction and asphalt work. Jack Lowery Sr. and Donald Chambers began LoJac more than 30 years ago.
Vulcan Materials has multiple quarries in the Nashville market. LoJac already operates in some of them. Familiarity between the two companies and the agreement to retain about 300 employees in the divisions involved in the acquisition were reasons LoJac agreed to the transaction with Vulcan over other parties, a LoJack spokesman said. Employees in the divisions also will retain tenure and benefits at the same rate of pay or better.
Certain owners of LoJac will continue current management responsibilities with Vulcan as part of the transaction. LoJac will continue to own and operate its other businesses with about 200 remaining employees at its corporate offices in Lebanon.
The transaction has not closed, and the amount of the transaction wasn’t disclosed.