Vulcan Materials announced that it has reached a definitive agreement to acquire Polaris Materials, an aggregates and logistics company, which serves key California markets from strategically situated operations in British Columbia.
The Polaris business includes an aggregates processing plant and deepwater port on Vancouver Island along with associated long term aggregate reserves and five distribution yard outlets in the San Francisco Bay Area and in Long Beach, California.
"We are very pleased to have reached agreement to acquire Polaris Materials, which is expected to further enhance our ability to serve major California markets," said Tom Hill, Vulcan's chairman and CEO.
"This acquisition will enhance our logistics capabilities with the ship delivery of aggregate products and provide Vulcan with a platform for future distribution outlet opportunities along the Pacific Coast. The acquisition is especially timely given California's recent passage of SB1, which will provide US$52bn for key transportation infrastructure projects over the next 10 years, in addition to passage of local ballot measures that add more than US$1bn annually for infrastructure projects in key growth markets that we serve," he added.
The transaction will be subject to approval by Polaris Materials' securityholders, approval by the Supreme Court of British Columbia, and other customary closing conditions. Subject to obtaining the required approvals, the transaction is expected to complete in the 4Q17.
