Vulcan Materials Announces Major New Source Of Reserves In Southern California Project Underscores Company's Strategic Commitment to Reclamation and Land Management
BIRMINGHAM, Ala., Sept. 17, 2013 /PRNewswire/ -- Vulcan Materials Company (NYSE: VMC) today announced the commencement of mine development at the Company's Azusa Rock Quarry, east of Los Angeles, California. This strategically located source of reserves in the San Gabriel Valley contains over 100 million tons of quality granite aggregate, allowing Vulcan to supply critical California infrastructure projects and commercial development for decades to come.
The project also will support Vulcan's redevelopment of former mining sites. In particular, this project will generate millions of yards of overburden material that will be used to complete reclamation of a 90-acre former sand and gravel mine in nearby Irwindale for commercial development. This reclamation is expected to be completed by 2018.
According to Donald M. James, Chairman and Chief Executive Officer of Vulcan Materials, "This project is consistent with our long-term strategy of securing aggregates reserves in the fastest-growing regions of the United States while also building upon our significant and valuable land holdings in ways that benefit our shareholders, our employees, and our valuable host communities. It is the culmination of years of cooperative work with the City of Azusa, regulatory officials and local stakeholders to ensure that it meets the expectations of the community, state and local government officials, and Vulcan Materials Company. The cities of Azusa and Irwindale will see hillside restoration and the development of a key property at a major intersection serving both cities."
ABOUT VULCAN MATERIALS COMPANY
Vulcan Materials Company, a member of the S&P 500 index, is the nation's largest producer of construction aggregates, a major producer of asphalt mix and concrete and a leading producer of cement in Florida.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: risks that Vulcan's intentions, plans and results with respect to cost reductions, profit enhancements and asset sales, as well as streamlining and other strategic actions adopted by Vulcan, will not be able to be realized to the desired degree or within the desired time period and that the results thereof will differ from those anticipated or desired; uncertainties as to the timing and valuations that may be realized or attainable with respect to planned asset sales; those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; the effects of the sequestration on demand for our products in markets that may be subject to decreases in federal spending; changes in Vulcan's effective tax rate; the increasing reliance on technology infrastructure for Vulcan's ticketing, procurement, financial statements and other processes could adversely affect operations in the event such infrastructure does not work as intended or experiences technical difficulties; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; changes in the level of spending for private residential and private nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values and liabilities which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential of goodwill or long-lived asset impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
SOURCE Vulcan Materials Company