Author
Summit Materials debuts on NYSE
Summit Materials Holdings Inc. made its debut as a public company. Summit Materials, the 16th-largest producer on Pit & Quarry's 2014 MegaProducers list, opened at $19.90 a share on the New York Stock Exchange. According to the Denver Business Journal, the Denver company, which trades as SUM, supplies aggregates, ready-mix concrete, cement, asphalt paving and other materials to the construction industry. Summit Materials had priced its IPO of 22.22 million shares of Class A stock at $18 a share, according to the Business Journal. Summit Materials filed to go public in December. Keep Reading
ABB’s rib-cooled motors now available through Baldor
Baldor Electric Co. is now offering ABB’s expanded high-voltage rib-cooled motor platform, type NXR, with higher power ranges and increased ingress protection. With higher power ranges and optional ingress protection up to IP66, Baldor says these motors fit more industries and applications, providing more reliability and easier maintenance. The new NXR high-voltage rib-cooled motor platform is based on the HXR range. According to Baldor, the NXR motor platform is now available in frame sizes 355 to 450 and in the power range of 100 to 1,250 kW. The entire power range is enhanced with optional increased protection ratings up to IP66, the company adds. Higher protection is especially important for applications where dust is present, Baldor says. IP66 means that the enclosure is dust tight and will withstand powerful water jets. Keep Reading
Waters rule to be tweaked, not withdrawn
Gina McCarthy, administrator of the U.S. Environmental Protection Agency (EPA), reiterated at a House Appropriations Committee hearing that the agency plans to release an altered Waters of the U.S. rule this spring. According to the National Stone, Sand & Gravel Association (NSSGA), McCarthy confirmed that the final rule would differ significantly from the original draft. She had hinted previously at the changes during a joint congressional hearing. NSSGA says McCarthy definitively stated that EPA will not re-propose the rule but will give interested parties a chance to comment on the changes, ignoring withdraw calls from 34 states and thousands of stakeholders. Keep Reading
Vulcan execs offer positive view on coming years
Vulcan Materials Co. executives offered an optimistic outlook of their business' future in interviews with Barron's, which produced a feature article on one of the top U.S. aggregate producers. According to Vulcan CEO Tom Hill, the company has "multiple years of double-digit top-line growth" ahead of it. In addition, Hill says aggregates pricing is gaining momentum. Vulcan has raised prices 22 percent since 2005, Barron's reports. John McPherson, Vulcan's chief financial and strategy officer, adds that demand is “still more than 30 percent below 40-year trends.” McPherson expects Vulcan to exceed the prior cycle's peak-demand price once demand normalizes, according to Barron's. In addition, Barron's reports that Vulcan expects shipments to increase 8 percent this year, excluding acquisitions, and for prices to increase 6 percent. The company's revenue could climb 12 percent. Keep Reading
Transportation secretary completes tour promoting long-term highway bill
U.S. Transportation Secretary Anthony Foxx completed a four-day bus tour in Washington, D.C., to urge Congress to act on a long-term transportation bill. While traveling through five states – Florida, Georgia, South Carolina, North Carolina and Virginia –Foxx visited universities, manufacturers, bridges, freight facilities, and highway projects to highlight the importance of investing in America’s infrastructure. “I traveled up the East Coast this week to focus America’s attention on our roads, rails and ports – and to let people know that the future is a choice,” Foxx says. “If Congress fails to invest in transportation, we fail to invest in our future." In Tallahassee, Fla., Foxx met with students at Florida Agricultural and Mechanical University (FAMU) and visited the proposed State Road 263 Capital Circle Southwest Project with Tallahassee Mayor Andrew Gillum to highlight the city’s efforts to promote economic development. The proposed project is estimated to cost $120 million – of which $111 million is still needed for the project to go to construction, according to the U.S. Department… Keep Reading
Transportation secretary to promote Obama proposal on four-day tour
Transportation Secretary Anthony Foxx is embarking on a four-day bus tour starting Feb. 17 to highlight the importance of investing in America’s infrastructure, as well as to encourage Congress to act on a long-term transportation infrastructure bill. According to the U.S. Department of Transportation, Foxx's tour will begin in Tallahassee, Fla., and take him through Florida, Georgia, South Carolina, North Carolina and Virginia. The tour will end at Union Station in Washington, D.C. Along the way, Foxx will visit universities, manufacturers, bridges, freight facilities and highway projects in an effort to raise awareness of the nation's infrastructure deficit. Foxx will visit with students, business leaders, transportation stakeholders and community residents to discuss the projects that work, projects that are needed and to ask them to support the Grow America Act, the Obama administration's six-year proposal. “Congress continues to pass short-term measures with flat funding that falls short of meeting our country’s needs,” Foxx says. “I am once again taking my message directly to the American people because they know that… Keep Reading
Vulcan board of directors expands
Vulcan Materials Co. elected Elaine L. Chao and Thomas A. Fanning to its board of directors. Vulcan's board increases from 11 to 13 members with the additions. Six of the 13 joined the board in the last two years, the company says. Chao served as the U.S. Secretary of Labor from 2001 to 2009. She was the first American woman of Asian descent to be appointed to a U.S. Cabinet position. Fanning has been with Southern Co., one of the nation's largest energy companies, for more than 30 years. He has served that company as its chairman, president and CEO since 2010. Keep Reading
Martin Marietta shares expectations for 2015
Nonresidential construction is expected to increase. Residential construction should continue to grow. Energy-related economic activity is anticipated to remain strong. And highway funding should remain stable. Taking these factors into account, Martin Marietta expects its business to increase this year in a number of areas. Martin Marietta, which recently released its 2014 fourth-quarter and year-end report, offered some perspective on its expectations for the markets it serves upon releasing the report. “We are excited about the stronger and broader foundation we have created for Martin Marietta, allowing us to achieve even greater success in the years ahead," says Ward Nye, chairman, president and CEO of Martin Marietta. "The TXI (Texas Industries) acquisition transformed the company and has us well positioned to benefit from future growth across our markets." In 2015, Martin Marietta forecasts its infrastructure market to increase by "mid-single digits"; the nonresidential market to increase in the "high-single digits"; and the residential market to experience a "double-digit increase." In addition, the company expects aggregates shipments to increase between 10… Keep Reading
Vulcan optimistic about prospects for 2015
Vulcan Materials Co. experienced a very successful fourth quarter of 2014, reporting an 11 percent increase in total revenues, a 15 percent increase in shipments and a 45 percent increase in gross profit compared with the prior year's fourth quarter. According to Tom Hill, Vulcan president and CEO, the increases are a good sign for 2015. "This strong momentum bodes well for 2015," Hill says, "a year in which we expect a continued recovery in demand for our products and, importantly, an improving pricing and margin environment. "Vulcan-served markets continue to show favorable above-average growth, with Vulcan markets growing faster than U.S. markets as a whole. Although aggregates demand remains well below normal levels, this steady and gradual improvement is a further indication of construction activity recovery. We continue to convert higher volumes into higher unit margins and are very well positioned for significant future earnings growth." According to Vulcan, it expects to generate an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) somewhere between $755 million and $825 million this… Keep Reading
