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Vulcan Materials completes asset sale transactions generating $149M

Vulcan Materials Company (VMC) announced that it has completed asset sale transactions which generated total gross proceeds of approximately $149M. These transactions include the sale of reclaimed and excess land in California, one small quarry in rural Virginia, and a percentage of future production at four aggregates quarries in South Carolina. The South Carolina transaction is with Plum Creek Timber Company (PCL), one of the largest landowners in the U.S. and a leading manager of timberlands and other natural resources, and enables Vulcan to unlock long-term value in these quarries tax-efficiently, while maintaining full ownership as well as operational and marketing control. With this transaction, Vulcan received $75M in exchange for an estimated 10.5% royalty interest in the sale of approximately 144 million tons of production over 25 years.