0001144204-14-014910.txt : 20140311 0001144204-14-014910.hdr.sgml : 20140311 20140311171207 ACCESSION NUMBER: 0001144204-14-014910 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20140307 ITEM INFORMATION: Completion of Acquisition or Disposition of Assets ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140311 DATE AS OF CHANGE: 20140311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Vulcan Materials CO CENTRAL INDEX KEY: 0001396009 STANDARD INDUSTRIAL CLASSIFICATION: MINING, QUARRYING OF NONMETALLIC MINERALS (NO FUELS) [1400] IRS NUMBER: 208579133 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33841 FILM NUMBER: 14685064 BUSINESS ADDRESS: STREET 1: 1200 URBAN CENTER DRIVE CITY: BIRMINGHAM STATE: AL ZIP: 35242 BUSINESS PHONE: (205) 298-3000 MAIL ADDRESS: STREET 1: 1200 URBAN CENTER DRIVE CITY: BIRMINGHAM STATE: AL ZIP: 35242 FORMER COMPANY: FORMER CONFORMED NAME: Virginia Holdco, Inc. DATE OF NAME CHANGE: 20070409 8-K 1 v371280_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 7, 2014

VULCAN MATERIALS COMPANY
(Exact name of registrant as specified in its charter)

New Jersey	001-33841	20-8579133
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

(Commission File Number)

1200 Urban Center Drive
Birmingham, Alabama 35242
(Address of principal executive offices) (zip code)

(205) 298-3000
Registrant's telephone number, including area code:

Not Applicable

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS

On March 7, 2014, Vulcan Materials Company (the “Company”) completed the sale of the Company’s cement and concrete businesses in the Florida area pursuant to the terms of an Asset Purchase Agreement (the “Purchase Agreement”) with Cementos Argos, S.A., a multiregional company based in Colombia, South America (the “Purchaser”) dated January 23, 2014. The assets sold to Purchaser are located in Florida and, southern Georgia, and include the Company’s Newberry, Florida cement plant, Tampa and Port Manatee cement terminals and grinding facilities, 69 ready-mix concrete sites and 13 concrete block and building material sites. The Company is retaining all of its aggregates operations in Florida and as part of the transaction, has entered into a supply agreement to continue to provide aggregates to the divested facilities, at market prices, for a period of 20 years. The sale generated $720 million of gross proceeds.

The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which was previously filed as Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 23, 2014 and incorporated herein by reference.

ITEM 7.01. REGULATION FD DISCLOSURE

On March 7, 2014, the Company issued a press release announcing the sale of its cement and concrete assets in the Florida area. A copy of the press release is attached hereto as Exhibit 99.2. Exhibit 99.2 is being furnished and shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(b)

Pro Forma Financial Information

Attached as Exhibit 99.1 hereto are an unaudited pro forma balance sheet as of December 31, 2013 and an unaudited pro forma income statement for the fiscal year ended December 31, 2013.

(d)

Exhibits

2.1

Asset Purchase Agreement dated as of January 23, 2014, by and among Florida Rock Industries, Inc. and Florida Cement, Inc. and Argos Cement LLC and Argos Ready Mix, with Vulcan Materials Company and Cementos Argos S.A. as Guarantors (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on January 23, 2014).

99.1

Unaudited pro forma financial information.

99.2

Press release of Vulcan Materials Company dated March 7, 2014.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	VULCAN MATERIALS COMPANY

	By:	/s/ John R. McPherson
	Name: Title:	John R. McPherson Executive Vice President and Chief Financial Officer

Dated: March 11, 2014

EXHIBIT INDEX

	Exhibit No.	Description

	2.1	Asset Purchase Agreement dated as of January 23, 2014, by and among Florida Rock Industries, Inc. and Florida Cement, Inc. and Argos Cement LLC and Argos Ready Mix, with Vulcan Materials Company and Cementos Argos S.A. as Guarantors (incorporated herein by reference to Exhibit 2.1 to the Current Report on Form 8-K filed on January 23, 2014).

	99.1	Unaudited pro forma financial information.

	99.2	Press release of Vulcan Materials Company dated March 7, 2014.

EX-99.1 2 v371280_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
UNAUDITED PRO FORMA FINANCIAL STATEMENT INFORMATION

On March 7, 2014, Vulcan Materials Company (the “Company”) completed the sale of the Company’s cement and concrete businesses in the Florida area to Cementos Argos, S.A., a multiregional company based in Colombia, South America (the “Purchaser”). The assets sold to Purchaser are located in Florida and southern Georgia, and include the Company’s Newberry, Florida cement plant, Tampa and Port Manatee cement terminals and grinding facilities, 69 ready-mix concrete sites and 13 concrete block and building material sites. The Company is retaining all of its aggregates operations in Florida and as part of the transaction, has entered into a supply agreement to continue to provide aggregates to the divested facilities, at market prices, for a period of 20 years. The sale generated $720 million of gross proceeds.

On March 10, 2014, the Company completed a tender offer to purchase $506 million principal amount of outstanding debt. The $506 million reduction in long-term debt is estimated to reduce annual pretax interest expense by $32 million.

The unaudited Pro Forma Condensed Consolidated Statement of Earnings for the year ending December 31, 2013 and the unaudited Pro Forma Condensed Consolidated Balance Sheet as of December 31, 2013 have been derived from the audited financial statements of the Company included in its 2013 Annual Report on Form 10-K. The unaudited Pro Forma Condensed Consolidated Balance Sheet gives effect to the sale as if the transaction occurred on December 31, 2013. The unaudited Pro Forma Condensed Consolidated Statement of Earnings gives effect to the sale as if the transaction occurred on January 1, 2013. The impact of the anticipated use of proceeds to purchase debt is included in the period presented.

The unaudited pro forma financial statement information is based upon available information and assumptions that the Company believes are reasonable. This pro forma financial statement information has been provided for informational purposes only. The pro forma information is not necessarily indicative of what the Company’s financial position or results of operations actually would have been had the sale and related debt purchase occurred as of the dates indicated. In addition, the unaudited pro forma condensed consolidated financial information does not purport to project the future financial position or operating results of the Company.

The unaudited pro forma financial statement information, including the notes thereto, should be read in conjunction with the historical financial statements of the Company included in its 2013 Annual Report on Form 10-K.

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF EARNINGS

FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013


in thousands	As Reported		(1)	Divestiture		(2)	Debt Purchase		(3)	Pro Forma		(4)

Net sales	$2,628,696			$172,963						$2,455,733
Delivery revenues		142,013			-						142,013
Total revenues		2,770,709			172,963						2,597,746
Cost of goods sold		2,201,816			194,761						2,007,055
Delivery costs		142,013			-						142,013
Cost of revenues		2,343,829			194,761						2,149,068
Gross profit		426,880			(21,798	)					448,678
Selling, administrative and general expenses		259,427			9,386						250,041
Gain on sale of property, plant & equipment
and businesses, net		39,250			-						39,250
Restructuring charges		(1,509	)		-						(1,509	)
Other operating expense, net		(14,790	)		(2,889	)					(11,901	)
Operating earnings		190,404			(34,073	)					224,477
Other nonoperating income, net		7,538			-						7,538
Interest expense (income), net		201,645			-			(32,267	)		169,378
Earnings (loss) from continuing operations
before income taxes		(3,703	)		(34,073	)		32,267			62,637
Provision for (benefit from) income taxes		(24,459	)		(12,852	)		11,877			270
Earnings (loss) from continuing operations	$20,756			($21,221		)	$20,390			$62,367
Basic earnings per share - continuing operations	$ 0.16									$0.48
Diluted earnings per share - continuing operations	$ 0.16									$0.47
Weighted-average common shares outstanding
Basic		130,272									130,272
Assuming dilution		131,467									131,467
Depreciation, depletion, accretion and amortization	$307,108			$36,025						$271,083

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES

UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

DECEMBER 31, 2013


in thousands	As Reported		(5)	*Divestiture*			Debt Purchase		(12)	Pro Forma		(13)

Assets
Cash and cash equivalents	$193,738			$719,000		(6)	($588,685		)	$324,053
Accounts and notes receivable, net		339,621			-			-			339,621
Inventories		344,606			(36,310	)(7)		-			308,296
Current deferred income taxes		40,423			1,193	(8)		-			41,616
Prepaid expenses		22,549			-			-			22,549
Assets held for sale		10,559			-			-			10,559
Total current assets		951,496			683,883			(588,685	)		1,046,694
Investments and long-term receivables		42,387			-			-			42,387
Property, plant & equipment, net		3,312,017			(396,767	)(7)		-			2,915,250
Goodwill		3,081,521			-			-			3,081,521
Other intangible assets, net		697,578			(62,349	)(7)		-			635,229
Other noncurrent assets		174,144			(2,690	)(7)		(4,215	)		167,239
Total assets	$8,259,143			$222,077			$(592,900		)	$7,888,320
Liabilities
Current maturities of long-term debt	$ 170				-			-		$ 170
Trade payables and accruals		139,345			-			-			139,345
Other current liabilities		159,620			53,477	(9)		(35,834	)		177,263
Total current liabilities		299,135			53,477			(35,834	)		316,778
Long-term debt		2,522,243			-			(515,051	)		2,007,192
Noncurrent deferred income taxes		701,075			29,651	(10)		1,573			732,299
Deferred revenue		219,743			-			-			219,743
Other noncurrent liabilities		578,841			(8	)(7)		-			578,833
Total liabilities		4,321,037			83,120			(549,312	)		3,854,845
Equity
Common stock, $1 par value		130,200			-			-			130,200
Capital in excess of par value		2,611,703			-			-			2,611,703
Retained earnings		1,295,834			138,957	(11)		(45,998	)		1,388,793
Accumulated other comprehensive loss		(99,631	)		-			2,410			(97,221	)
Total equity		3,938,106			138,957			(43,588	)		4,033,475
Total liabilities and equity	$8,259,143			$222,077			($592,900		)	$7,888,320

See accompanying notes to unaudited pro forma condensed consolidated financial statements.

VULCAN MATERIALS COMPANY AND SUBSIDIARY COMPANIES
NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions)

(1)

Represents results of operations as reported on the audited Consolidated Statement of Comprehensive Income included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

(2)

Represents the results of operations of the sold concrete and cement operations. Net sales include adjustments for recurring intercompany sales between the Company and the divested operations that were previously eliminated in consolidation as such sales will continue after the divestiture. Tax effects have been determined based on the statutory rates in effect during the period.

(3)

Represents the reduction in interest expense resulting from the use of proceeds to retire $506.4 million principal amount of debt. The loss on debt purchase is excluded from the pro forma statement of earnings as it is non-recurring.

(4)

Represents the results of operations after adjustments for the divestiture and debt purchase.

(5)

Represents balances as reported on the audited Consolidated Balance Sheet included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013.

(6)

Represents cash proceeds received from Purchaser, net of transaction costs, as follows:

Proceeds from Purchaser	$720.0
Cash paid for transaction costs		(1.0	)
Adjustment to cash and cash equivalents	$719.0

(7)

Represents the assets and liabilities of the sold concrete and cement operations.

(8)

Represents current deferred income tax adjustments related to the sale.

(9)

Represents current federal and state income tax due on the sale.

(10)

Represents noncurrent deferred income tax adjustments related to the sale. Assumes like-kind-exchange deferral of $37.3 million related to the purchase of 136 million tons of aggregates reserves in Southern California for $117 million as announced in the press release dated January 23, 2014. As the Company previously operated this quarry under a mineral lease, the acquisition will result in a $7 million decrease to annual royalty expense. In addition, the noncurrent deferred income tax adjustment assumes utilization of all federal net operating loss and charitable contribution carryforwards, and a portion of state net operating loss carryforwards.

(11)

Retained earnings were adjusted as a result of adjustments (7) through (10). The actual gain may differ from this estimate.

(12)

The Company used $588.7 million of the sales proceeds to retire $506.4 million principal amount of debt and pay accrued interest on the debt purchased resulting in a pretax charge of $72.8 million. The following tables summarize the transaction:

Cash Paid
Principal Amount	$506.4
Premium		71.8
Accrued Interest		9.0
Transaction Costs		1.5
Total	$588.7

Reported Value Debt Reduction Principal Amount	$506.4
Fair Value Hedge Gain and Discounts		8.7
Total	$515.1

Pretax Charge
Premium	$71.8
Transaction Costs		1.5
Acceleration of Deferred Gains and Costs		(.5	)
Total	$72.8

The debt purchase will also result in estimated current federal and state income tax benefit of $26.8 million.

As noted above, the loss on debt purchase is excluded from the pro forma statement of earnings as it is non-recurring.

(13)

Represents balances after adjustments for the divestiture and debt purchase.

EX-99.2 3 v371280_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

March 7, 2014

FOR IMMEDIATE RELEASE

Investor Contact: Mark Warren (205) 298-3220

Media Contact: David Donaldson (205) 298-3220

VULCAN MATERIALS COMPLETES SALE OF FLORIDA

CEMENT AND CONCRETE ASSETS

Birmingham, Ala. March 7, 2014 – Vulcan Materials Company (NYSE:VMC), the nation’s largest producer of construction aggregates, today announced that it has completed the previously announced sale of the Company’s cement and concrete businesses in the Florida area to Cementos Argos for gross cash proceeds of $720 million. Under a separate supply agreement, Vulcan will continue to provide aggregates to the divested concrete facilities, at market prices, for a period of 20 years.

“We are pleased to have successfully completed the transaction with Argos and to be working with Argos to supply aggregates to the facilities going forward,” said Don James, Chairman and Chief Executive Officer. “This transaction further enhances our strategic focus as the leading aggregates producer in the fastest-growing regions and urban markets of the United States. Over the past two years we have successfully executed upon our core aggregates strategy, and we look forward to continuing to create value for shareholders in the future.”

The completion of the asset sale to Cementos Argos and related restructuring and other transaction-related expenses are expected to result in a pretax gain of approximately $210 million, or $1.00 per diluted share for 2014.

As previously announced, Vulcan’s tender offer to purchase up to $500 million aggregate principal amount of its senior notes, as outlined most recently in the Company’s press release dated March 3, 2014, is due to expire at 5:00 p.m., New York City time, March 7, 2014, the same day as the completion of the Argos transaction. Vulcan will communicate the final results of the tender offer promptly following the expiration of the tender offer.

About Vulcan Materials Company

Vulcan Materials Company, a member of the S&P 500 index, is the nation’s largest producer of construction aggregates and a major producer of asphalt mix and concrete.

###

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