Vulcan Materials, the nation’s largest producer of construction aggregates, has taken a hit from the wounded construction market. But the company has recently announced several financial strategies to help weather the change.
The firm announced a 1-cent-a-share dividend, down from 25 cents a year ago; it has completed two transactions that bring it $57 million in cash and increase aggregates reserves; it received $24 million from an arbitrated case with the Illinois Department of Transportation, and it has signed a new revolving credit agreement—all steps that should “increase cash and liquidity and that should enhance our future operating performance, ” Chairman and CEO Don James told shareholders.
Vulcan also named John McPherson its senior vice president of strategy and business development.
By Nedra Bloom