Vulcan Materials cuts 200 jobs

Vulcan Materials Co.said the company will cut 200 jobs and consolidate eight divisions into four regions, including one headquartered in Jacksonville.

The consolidation is expected to generate a yearly pre-tax savings of about $30 million a year. Vulcan, based in Birmingham, Ala. has also made about $25 million in pre-tax overhead reductions this year. The layoffs are expected to come from overhead and administrative staff, leaving staff at plant facilities unaffected. Vulcan is facing a hostile takeover attempt by Martin Marietta Materials, based in Raleigh, N.C.

Martin Marietta publicly announced the takeover Dec. 12, and Vulcan’s board is currently weighing a stock offer from Martin Marietta to combine the companies. The board is expected to make a recommendation by Friday.

The new regions are divided geographically into East, West, Central and South. The South region will be headquartered in Jacksonville and made up of the company’s former Florida Rock and Southwest divisions. It will also include Vulcan’s quarry and harbor on Mexico’s Yucatan Peninsula. Company senior vice president James Hill will head the Jacksonville operation.

Source: Biz Journals