Vulcan Materials Company and Florida Rock Industries, Inc announced today that they have received clearance from the Department of Justice under the Hart-Scott-Rodino Act for Vulcan to complete its acquisition of Florida Rock. The closing is expected to take place on November 16, 2007.
Vulcan and Florida Rock have agreed to a consent decree with the Department of Justice that is still subject to the approval of the district court for the District of Columbia. As a condition of the consent decree, Vulcan will be required to divest certain operations in Tennessee, Georgia and Virginia.
“We are very pleased that we can now move rapidly to complete our acquisition of Florida Rock,” said Don James, Chairman and CEO of Vulcan Materials Company. “Over the coming weeks and months we will be working to integrate Florida Rock’s facilities and divest operations as required by the court and the Department of Justice. We expect to use asset swaps to the extent possible to meet our divestiture requirements. We look forward to achieving the synergies we expect to gain through the merger of these two great companies, and enhancing our growth and profitability.”