Cementos Argos SA is buying Vulcan Materials Co.’s (NYSE: VMC) cement and concrete businsses in the Florida area for $720 million.
The deal includes Vulcan’s Newberry, Fla., cement plant, Tampa and Port Manatee, Fla. Cement terminals and grinding facilities, 69 ready-mixed concrete sites and 13 concrete block and building material sites. Cementos is a Colombian company that operates cement and concrete products plans in Colombia, Central America, the Caribbean and the U.S.
In connection with the deal, Vulcan is initiating a tender offer to purchase $500 million in outstanding debt. Vulcan announced in February 2012 that it would sell its non-core assets, and since the sales began has reduced its debt by about $800 million. The company will retain its aggregates business.
Skadden Arps Slate Meagher & Flom LLP provided legal advice to Cementos Argos SA.