Pit & Quarry, November 2017

U S CONCRETE NOT VULCAN TO ACQUIRE POLARIS P olaris Materials Corp entered into an agreement with U S Concrete Inc which will now acquire the company as opposed to Vulcan Materials Co Prior to coming to an agreement with U S Concrete Polaris terminated a previous agreement between itself and Vulcan Polaris was valued at about 247 million based on its price per share in the U S Concrete arrangement the company says We are pleased to have signed an agreement with U S Concrete in respect of its proposal to acquire Polaris says Ken Palko president and CEO of Polaris The offer represents increased value for our shareholders and U S Concrete has committed to work closely with Polaris its First Nations partners customers and other stakeholders to ensure a smooth transition In connection with the termination of the Vulcan agreement Polaris paid a multi million dollar termination fee to Vulcan U S Concrete advanced funds for the payment of the termination fee We believe Polaris is an ideal strategic fit and enables a replication in California of our vertically integrated business model that we successfully operate in New York says William J Sandbrook U S Concrete president CEO and vice chairman In related news U S Concrete says its wholly owned subsidiary NorCal Materials Inc has acquired the assets of two independently owned and operated ready mixed concrete operations Harbor Ready Mix and A 1 Materials Inc Both ready mixed concrete operations serve the commercial and residential sectors in the Peninsula and South Bay areas of San Francisco The company says it has also acquired the assets of Action Supply Co Inc which supplies the Philadelphia metro area P Q AGGREGATE INDUSTRY INDEX DEC JAN 15 FEB MAR APR MAY JUN JUL AUG SEPT OCT NOV DEC JAN 16 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN 17 November 379 FEB MAR APR MAY JUN JUL AUG SEP OCT NOV 400 350 300 250 Source Pit Quarry The P Q Aggregate Industry Index comes in at 379 and the plateau that has marked the second half of 2017 continues Stock prices are mixed compared to the previous month 12 MONTH CHART PRICE 52 WEEK RANGE MARKET CAP IN BILLIONS STOCKS LOW HIGH As of Oct 3 2017 Source Yahoo Finance Cemex CX 903 691 1037 1333 CRH Oldcastle CRH 3743 3155 3806 3102 Eagle Materials EXP 10676 7383 11064 518 Granite Construction GVA 5875 4259 6218 234 Heidelberg Cement HEI 8575 7694 9459 1699 LafargeHolcim LHN 4937 4504 5709 2986 Martin Marietta MLM 20673 16706 24432 1299 MDU Resources MDU 2645 2449 2992 517 Summit Materials SUM 3215 1805 3249 359 U S Concrete USCR 7525 4282 8385 119 U S Lime Minerals USLM 8434 6360 8508 047 Vulcan Materials VMC 11942 10571 13818 1580 MDU Resources promotes two executives MDU Resources Group Inc has promoted Jason L Vollmer to vice president CFO and treasurer replacing Doran N Schwartz as CFO Schwartz has resigned to accept a position with another organization MDU Resources also named Stephanie A Barth to the position of chief accounting officer in addition to her role as controller Jasons strong leadership in his role as vice president chief accounting officer and treasurer and his ability to develop relationships with external stakeholders makes him well prepared to take on the role of CFO says David L Goodin president and CEO Stephanie also brings solid leadership skills and a high degree of integrity to her new role as chief accounting officer She is the right person to lead the accounting team pitandquarry com November 2017 PIT QUARRY 51