Vulcan's cost-saving initiative comes as it faces a hostile $4.8 billion all-stock offer from Martin Marietta.
Wednesday, December 21, 2011
Monday, Vulcan Materials Company announced it will lay off 200 employees and consolidate its eight divisions into four operating regions. The world's largest producer of construction aggregates has operated a rock quarry in Kennesaw for the past 60 years. According to a press release from the Birmingham, AL-based company, the initiative is expected to generate an ongoing annualized pre-tax cost savings of approximately $30 million. Layoffs will mostly come from overhead and administrative staff with staffing at plant facilities largely unaffected, the release said. Vulcan's cost-saving initiative comes as it faces a hostile $4.8 billion all-stock offer from Martin Marietta. The smaller competitor has higher profit margins than Vulcan and…
The hostile takeover aims to cut Vulcan's costs as the construction business picks up.
Tuesday, December 13, 2011
One of Kennesaw’s biggest corporate residents is facing a hostile takeover bid. Vulcan Materials says its board is weighing an all-stock offer from smaller competitor Martin Marietta Materials to merge the suppliers of stone, gravel and other construction materials. The offer of a half-share of Martin Marietta stock for every share of Vulcan stock was worth about $4.8 billion based on the share prices at the time Raleigh, NC-based Martin Marietta announced the offer. Vulcan is based in Birmingham, AL, and has its Southeast headquarters in Sandy Springs. It operates a quarry in Kennesaw. The company urged shareholders to wait up to two weeks for the Vulcan board to recommend a response to the stock offer. The shares prices of both companies…