Vulcan Materials Co. announced that it has entered into a definitive agreement to acquire Wake Stone Corp., a leading pure-play aggregates supplier in the Carolinas.
This value-enhancing acquisition is expected to provide more than 60 years of quality hard rock reserves to serve attractive high-growth geographies, most notably Raleigh, N.C.
Tom Hill, Vulcan’s chairman and chief executive officer said, “We look forward to welcoming Wake Stone to the Vulcan family. Established in 1970, Wake Stone has successfully built a leading aggregates franchise that shares many of the same values as Vulcan. Our people are at the heart of our business, and we are excited to work with the talented Wake Stone team.
“This acquisition is consistent with our aggregates-led growth strategy of continuing to expand our reach to better serve more high-growth regions in the United States. Our Vulcan Way of Selling and Vulcan Way of Operating disciplines remain fundamental to consistently compounding profitability across our franchise and successfully integrating new operations. With the financial strength and flexibility to continue to grow, we are well-positioned to continue to deliver value for our shareholders and our customers.”
The transaction is expected to close later this year, subject to satisfaction of customary closing conditions.