Exhibit 99 |
Vulcan Materials Company To Sell Performance Chemicals Assets To Kemira Oy |
BIRMINGHAM, AL - Vulcan Materials Company (NYSE: VMC) announced today that its subsidiary, Callaway Chemical Company, which operates under the name Vulcan Performance Chemicals, has entered into an agreement to sell its industrial water treatment and pulp and paper businesses to Kemira Oy, of Finland. The subsidiary's revenue for 2002 was approximately $80 million and represents a majority of Vulcan's performance chemicals business. The transaction with Kemira will include sale of a Columbus, Georgia, manufacturing plant and Research and Development facility, as well as manufacturing facilities in Shreveport, Louisiana and Vancouver, British Columbia. It is anticipated that closing will occur in the next thirty to sixty days. |
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Filed: 19 May 03, 12:00am