Plum Creek invests in natural resource assets
Plum Creek Timber Co. has acquired an interest in about 144 million tons of production at four quarries from Vulcan Materials Co. for $75 million. The quarries are located near the Greenville and Spartanburg, S.C., markets.
Beginning in January 2013, Plum Creek expects to receive royalty payments from the production and sale of the crushed stone from the quarries for approximately 25 years.
“This is an attractive, cash-accretive investment in a familiar natural resource asset for Plum Creek,” said Rick Holley, president and CEO of Plum Creek. “The investment adds to our existing construction materials royalty streams, and the quarries will continue to be owned and operated by Vulcan, a leader in the industry. We are optimistic that the favorable growth prospects for aggregate demand in these markets will enhance future earnings potential.”
Chelsea Building Products appoints business development engineer
Chelsea Building Products has named Sam Huda as business development engineer. Huda will be responsible for R&D efforts in developing new raw materials and working with Product Engineering on innovative new building products.
Huda holds degrees in Textile Science, Dundee College of Technology (University of Abertay), Dundee, Scotland and a Bachelor of Science, University of Rajshahi, Bangladesh with concentrations in Chemistry, Physics and Mathematics.
Prior to joining Chelsea, he held technical positions at James Hardie, Certainteed, Johns Manville and Royal Group.
CertainTeed plans new asphalt shingle manufacturing plant
CertainTeed has announced plans to open an asphalt roofing shingle plant serving the central region of the United States. The company is currently evaluating locations throughout the Midwest.
The new facility, which is expected to employ about 125 people, will be CertainTeed’s first greenfield roofing plant since the company built its Oxford, N.C., plant in 1978.
“We’re proud to be building a brand new facility, which means local construction jobs, local production jobs and local transportation and material supply jobs that will bring renewed vitality to the chosen community,” said Tom Smith, president of CertainTeed Roofing.
The construction of this plant will help the company meet increased market demand for asphalt shingles.
Upon completion of this new facility, CertainTeed will own and operate five, four-wide laminated shingle lines in North America, manufacturing the Landmark series laminated shingles.