Vulcan Materials Co. acquired Lebanon, Tennessee-based LoJac Holdings Corp.’s asphalt, construction, safety and Monterey Sand operations, reports The (Nashville) Tennessean.
The transaction has not yet been completed, however, and the amount of the transaction has not been disclosed, the newspaper adds.
One of the reasons LoJac agreed to the transaction with Vulcan over other parties was because of an agreement to retain bout 300 employees in LoJac’s divisions, says Jack Lowery Sr., one of the company’s founders and current chairman.
According to The Tennessean, LoJac has been a prominent asphalt producer in middle Tennessee and contractor for site grading, asphalt and concrete paving.
“This acquisition provides us with a unique opportunity to grow our presence in downstream products and services to provide an improved portfolio of solutions to our customers in a vertically integrated market,” says Atisthan Roach, Vulcan Materials’ spokesman.
According to The Tennessean, certain owners of LoJac will continue their current management responsibilities with Vulcan. In addition, LoJac will continue to own and operate its other businesses with about 200 remaining employees at corporate offices in Lebanon.
