Vulcan Materials Co. has agreed to sell cement and concrete businesses in Florida and Georgia to Cementos Argos for $720 million.
According to a press release, Vulcan is retaining all of its aggregates operations in Florida. Vulcan is selling businesses in Florida and south Georgia, including its cement plant in Newberry, Fla., cement terminals and grinding facilities in Tampa and Port Manatee, Fla., 69 ready-mixed concrete sites and 13 concrete block and building sites.
As part of the transaction, Vulcan entered into a supply agreement to continue to provide aggregates to the concrete facilities for 20 years. The transaction is expected to close sometime this quarter.
In addition, Vulcan says it exercised an option in December to purchase land containing 136 million tons of aggregates reserves in Southern California for $117 million. The company previously operated the quarry under a lease that was scheduled to expire in 2017.
