| BIRMINGHAM, Ala.--(BUSINESS WIRE)--Jan. 3, 2000-Vulcan Materials Company (NYSE:VMC) today announced that it has acquired the assets of Garves W. Yates & Sons, Inc. of Abilene, Texas. The acquired business includes six quarry sites, four portable aggregate production plants, a portable asphalt plant and a fleet of trucks used to transport stone and asphalt products. The new business will be operated by Vulcan's Southwest Division based in San Antonio. Commenting on the acquisition, Donald M. James, Vulcan's Chairman and Chief Executive Officer, said: "This acquisition will expand significantly the reach, scope and flexibility of our operations in Texas, particularly in the Abilene and Brownwood areas, along the Interstate 10 corridor west of San Antonio and along the Interstate 20 corridor west of Fort Worth. Moreover, the Yates business represents a valuable addition to Vulcan's limestone reserves in Texas, especially in Abilene. The State of Texas is receiving approximately a 61% increase in transportation funding under the TEA 21 legislation, and the Yates acquisition positions Vulcan to participate more fully in the increased highway construction in Texas expected over the next five years." Vulcan is a producer of industrial materials with significant positions in two industries. It is the nation's foremost producer of construction aggregates, a major producer of other construction materials, and a leading chemicals manufacturer, supplying chloralkali and other industrial chemicals. |