BIRMINGHAM, Ala., Oct. 16, 2014 /PRNewswire/ -- Vulcan Materials Company (NYSE:VMC), the nation's largest producer of construction aggregates, today announced new division leadership and changes to its organizational structure that will further enhance the Company's ability to serve customers and increase profitability while also continuing to capture strategic growth opportunities across its footprint. The new structure, effective January 1, 2015, places key leaders within the organization in seven operating divisions.
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The Company's divisions will be as follows: the Western Division, comprising the Company's businesses in California; the Mountain West Division, comprising Arizona and New Mexico; the Southwest Division, comprising the Company's businesses in Texas and Oklahoma; the Central Division, comprising Arkansas, Tennessee, Kentucky and Illinois; the Mideast Division, comprising North Carolina, Virginia, Maryland, Pennsylvania and Delaware; the Southern and Gulf Coast Division, comprising Alabama, Mississippi and Louisiana; and the Southeast Division, comprising Florida, Georgia and South Carolina.
Senior Vice President Stan Bass (53) will continue his leadership responsibilities for both the Western Division and the newly formed Mountain West Division. David Pasley (56), formerly Vice President and General Manager for Central California, has been appointed President of Mountain West and will report to Stan Bass. Jeff Lott (56), formerly Vice President and General Manager, Texas, will lead the Company's Texas and Oklahoma businesses as President of the Southwest Division. David Clement (54) will serve as President of the Central Division, continuing in his leadership role for the Company's businesses in Illinois, Kentucky, Tennessee and Arkansas. Kim Duke (59), formerly Vice President and General Manager of the Company's Florida business, will serve as President of the Mideast Division. Jason Teter (40), formerly Vice President, Business Development, will serve as President of the Southern and Gulf Coast Division. David Grayson (55), formerly Vice President and General Manager of the Company's Georgia business, will serve as President of the Southeast Division. These individuals will report to Vulcan's President and Chief Executive Officer Tom Hill.
"We are excited about our Company's current performance and the opportunities ahead," said Mr. Hill. "The structure announced today is a natural evolution of Vulcan's streamlined organization and enables us to pursue growth and profitability while further leveraging the actions we have undertaken since 2012 to consolidate our back office functions. Our flat organizational structure will be built on existing support groups and will continue to emphasize local, 'close-to-the-market' leadership, as well as active collaboration across geographies. We will provide to our customers the best of our local presence and our Company-wide capabilities."
Since 2012, Vulcan has increased annual run-rate profitability, dramatically reduced debt and strategically redeployed capital, while also enhancing the Company's industry-leading position in cash gross profit per ton. "Building on these actions," said Mr. Hill, "our new organizational structure will enable us to move into a new period of strong, profitable growth and enhance our position as the leading aggregates producer in the United States."
Further commenting on the leadership team, Mr. Hill said, "Vulcan has strong leadership throughout the Company. We have emerged from the industry downturn as an even stronger Company, which is a credit to the skill, commitment and resilience of all of our people. I am confident that our Division Presidents and their teams will deliver excellent results and take our businesses to new heights. The changes announced today will enhance our ability to take advantage of the significant growth in volume, price and operating efficiencies that we anticipate over the next several years, as we also continue to grow our business strategically. I look forward to working closely with our new team and all of our outstanding employees as we continue to make the best aggregates franchise in the world even better."
Vulcan Materials Company, a member of the S&P 500 index, is the nation's foremost producer of construction aggregates and a major producer of asphalt mix and concrete. For additional information about Vulcan, go to www.vulcanmaterials.com.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements. Statements that are not historical fact, including statements about Vulcan's beliefs and expectations, are forward-looking statements. Generally, these statements relate to future financial performance, results of operations, business plans or strategies, projected or anticipated revenues, expenses, earnings (including EBITDA and other measures), dividend policy, shipment volumes, pricing, levels of capital expenditures, intended cost reductions and cost savings, anticipated profit improvements and/or planned divestitures and asset sales. These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may" or similar expressions elsewhere in this document. These statements are subject to numerous risks, uncertainties, and assumptions, including but not limited to general business conditions, competitive factors, pricing, energy costs, and other risks and uncertainties discussed in the reports Vulcan periodically files with the SEC.
Forward-looking statements are not guarantees of future performance and actual results, developments, and business decisions may vary significantly from those expressed in or implied by the forward-looking statements. The following risks related to Vulcan's business, among others, could cause actual results to differ materially from those described in the forward-looking statements: those associated with general economic and business conditions; the timing and amount of federal, state and local funding for infrastructure; changes in Vulcan's effective tax rate that can adversely impact results; the increasing reliance on information technology infrastructure for Vulcan's ticketing, procurement, financial statements and other processes could adversely affect operations in the event such infrastructure does not work as intended or experiences technical difficulties or is subjected to cyber attacks; the impact of the state of the global economy on Vulcan's businesses and financial condition and access to capital markets; changes in the level of spending for private residential and private nonresidential construction; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; pricing of Vulcan's products; weather and other natural phenomena; energy costs; costs of hydrocarbon-based raw materials; healthcare costs; the amount of long-term debt and interest expense incurred by Vulcan; changes in interest rates; the impact of Vulcan's below investment grade debt rating on Vulcan's cost of capital; volatility in pension plan asset values and liabilities which may require cash contributions to the pension plans; the impact of environmental clean-up costs and other liabilities relating to previously divested businesses; Vulcan's ability to secure and permit aggregates reserves in strategically located areas; Vulcan's ability to manage and successfully integrate acquisitions; the potential of goodwill or long-lived asset impairment; the potential impact of future legislation or regulations relating to climate change or greenhouse gas emissions or the definition of minerals; and other assumptions, risks and uncertainties detailed from time to time in the reports filed by Vulcan with the SEC. All forward-looking statements in this communication are qualified in their entirety by this cautionary statement. Vulcan disclaims and does not undertake any obligation to update or revise any forward-looking statement in this document except as required by law.
SOURCE Vulcan Materials Company