Author
Will Martin Marietta ever succeed in taking over Vulcan?
It’s the question that’s had the aggregates industry, as well as the financial analysts and law specialists following Martin Marietta Materials Inc. and Vulcan Materials Co., on hold since the two companies entered friendly merger talks back in 2010. Following Martin Marietta’s lost appeal Thursday, when the Delaware Supreme Court upheld a one-month-old Delaware Court of Chancery ruling that blocked Martin Marietta’s hostile bid and proxy contest for four months, a merger apparently will not be taking place anytime soon. According to The Wall Street Journal, the four-month delay means Martin Marietta will need two more annual meetings – or two years –to gain a majority of directors friendly to its takeover effort elected to Vulcan's board. The board’s terms are staggered. Even before Thursday’s ruling, stock analyst and law specialist doubts were mounting that the court would rule in Martin Marietta’s favor. Now that Martin Marietta has lost on appeal, analysts like Garik Shmois do not expect the company to push forward in its bid to take over Vulcan Materials.… Keep Reading
AEM president optimistic on highway-bill passage
After attending the Transportation Construction Coalition (TCC) fly-in this week in Washington and meeting with members of Congress to urge action on the transportation bill, Association of Equipment Manufacturers (AEM) President Dennis Slater said: "This week in Washington, I had the unique opportunity to join my fellow TCC members and hear from members of Congress and Highway & Transit Conference Committee members about the current state of the highway bill deliberations. After 1,000 days, nine extensions and a rapidly approaching June 30th deadline, I'm pleased to hear that a bipartisan group of members are working in Congress to finally get a long-term highway bill passed." Slater said he is optimistic Congress will be able to reconcile their differences and pass a fully funded transportation bill. Keep Reading
Martin Marietta loses appeal of Vulcan bid ruling
Reuters reports that Martin Marietta Materials Inc. lost its appeal to overturn a court order that halted its $4.5 billion hostile bid and proxy contest for rival Vulcan Materials Co. Delaware's Supreme Court today affirmed a ruling by the state's Court of Chancery, which prevented Martin Marietta from seeking to elect four nominees to Vulcan's board at tomorrow’s meeting of Vulcan shareholders. The lower court halted Martin Marietta's bid and proxy contest for four months as punishment after Martin Marietta breached a confidentiality agreement the two companies signed in 2010, when they engaged in friendly merger talks. Vulcan Materials issued a statement following the decision, saying, “Vulcan's board and management team are committed to enhancing long-term value for all shareholders, and we look forward to continuing to deliver on our growth strategy and cost-savings initiatives." Keep Reading
Mining Hall of Fame has new chairman
The National Mining Hall of Fame and Museum has appointed Paul C. Jones chairman of its board of directors. Jones succeeds Stanley Dempsey, who served as chairman for three years. Jones, a mine industry veteran of 50 years, is a Hall of Fame founder and a life member of the organization. He became a board member in 2007 and, in 2009 and 2010, he chaired the strategic planning committee, which developed a long-range plan for the organization. Jones has also served as chairman of the Hall of Fame’s fundraising committee. Jones’ professional experience includes consulting, technical, management and executive positions in base and precious metals, fuels and industrial minerals in multiple countries. Keep Reading
Vulcan Materials CEO sued by company’s founding family
Members of the founding family of Vulcan Materials Co. have sued CEO Don James and directors, The Birmingham News reports. The family says Vulcan Materials erred in not accepting a buyout offer from Martin Marietta Materials. Glenn and William Ireland filed a derivative lawsuit Friday in U.S. District Court in Birmingham, Ala. Such civil suits are, according to The Birmingham News, filed by shareholders on behalf of the corporation in an attempt to collect proceeds that would be paid into the company to compensate for harmful acts alleged by the legal complaint. The suit says James and the Vulcan board of directors engaged in "breaches of fiduciary duties, gross mismanagement, abuse of control, corporate waste, unjust enrichment" and other conduct that has eroded shareholder value. The suit seeks a jury trial. The Irelands urged Vulcan's board to accept a hostile-buyout offer from Martin Marietta this year that valued shares at an 18-percent premium, according to the lawsuit. The deal proposed moving Vulcan’s headquarters to Raleigh and installing Martin Marietta officers at the top… Keep Reading
OSHA educating about hazards working in heat
The U.S. Department of Labor’s Occupational Safety and Health Administration (OSHA) has kicked off a national initiative to educate workers and their employers about the hazards of working outdoors in hot weather. The outreach effort builds on last year’s summer campaign to raise awareness about the dangers of too much sun and heat. “For outdoor workers, water, rest and shade can make the difference between life and death,” says Hilda Solis, Secretary of Labor. “If employers take reasonable precautions and look out for their workers, we can beat the heat.” According to OSHA, thousands of workers across the United States suffer from serious heat-related illnesses each year. If not quickly addressed, heat exhaustion can become heat stroke, which has killed, on average, more than 30 workers annually since 2003. Labor-intensive activities in hot weather can raise body temperatures beyond the level that normally can be cooled by sweating. Heat illness initially may manifest as heat rash or heat cramps, but it can quickly become heat exhaustion and then heat stroke… Keep Reading
Return roller delivers conveyor idler replacement
Martin Engineering Co. is introducing a return roller with a new design and a track-mounted, pivoting, return-side idler that allows service and replacement from one side of a conveyor. The Evo return roller’s track-mounted assembly uses one-pin, quick-change functionality, meaning rolls can be replaced by one person in less time and that the risk of injuries is lessened. Martin Engineering says its return rollers help improve safety by minimizing suspension and heavy lifting. Space limitations and access constraints are typically not an issue, Martin Engineering adds, as the idler roll can be serviced from one side of the conveyor. The return roller features an integrated fine adjustment to completely square the belt. The roll itself is one piece, and the assembly includes a three-piece adjustable hanger bracket and swivel-and-pivot component, which allows the roll to be swung away from its support before removing the entire assembly. Additionally, the three-piece hanger bracket adjusts to accommodate different belt widths. The bracket fits a variety of idler manufacturers’ designs, and the return roller… Keep Reading
Volvo says construction equipment market recovering
Volvo Construction Equipment President and CEO Pat Olney used a May 17 press conference in Miami to share his belief that the recovery in the North American construction equipment market is gathering momentum. His comments, made to a group of U.S. business journalists attending a sustainability event, came shortly after the company posted a 111-percent uptick in North American revenues in the first quarter this year. “Demand for construction equipment in North America jumped 35 percent during the first three months of the year,” Olney says. “This shows us that the recovery that began last year is gathering pace, and that our earlier forecast of a 15 to 25 percent year-on-year improvement for 2012 is attainable.” Olney also used the press conference to emphasize the company’s commitment to the environment and sustainability. He highlighted Volvo CE’s Stage IIIB/Tier 4i emissions-compliant engine systems and the 60-plus fuel-efficient products that are being introduced this year as examples of the company’s commitment to sustainability. Keep Reading
NSSGA continues effort to derail federal water guidance
The bipartisan House bill, H.R. 4965, that would prevent the Environmental Protection Agency (EPA) or the U.S. Army Corps of Engineers from finalizing, adopting, implementing, administering or enforcing the Clean Water Jurisdictional Guidance now pending at the Office of Management and Budget (OMB), is expected to be marked up by the full U.S. House Committee on Transportation and Infrastructure early next month, says the National Stone, Sand & Gravel Association (NSSGA). Chief sponsors of the bill are committee chairman John Mica (R-Fla.) and senior committee Democrat Nick Joe Rahall (D-W.Va.). The two are joined by a bipartisan group of more than 30 colleagues. The Waters Advocacy Coalition, of which NSSGA is a steering committee member, continues efforts to build bipartisan sponsorship of the legislation. NSSGA has expressed opposition to the guidance in written comments to both EPA and the Office of Information and Regulatory Affairs (OIRA). NSSGA has also met with OIRA officials twice to share its concerns. The association says it will continue its efforts to derail the water guidance,… Keep Reading
