Vulcan Materials finds new site to dig
Vulcan Materials Company, a producer of construction aggregates, asphalt mix, concrete and cement, has commenced mine development at a major new source of reserves in California.
The Azusa Rock Quarry, located east of Los Angeles in the San Gabriel Valley, contains over 100 million tons of quality granite aggregate, enough to help Vulcan supply California infrastructure projects for "decades to come," according to the company.
"This project is consistent with our long-term strategy of securing aggregates reserves in the fastest-growing regions of the United States while also building upon our significant and valuable land holdings in ways that benefit our shareholders, our employees and our valuable host communities," said chairman and CEO Donald M. James. "It is the culmination of years of cooperative work with the City of Azusa, regulatory officials and local stakeholders to ensure that it meets the expectations of the community, state and local government officials, and Vulcan Materials Company. The cities of Azusa and Irwindale will see hillside restoration and the development of a key property at a major intersection serving both cities."
Additionally, the project will generate millions of yards of overburden material that Vulcan will use to complete reclamation of a 90-acre former sand and gravel mine by 2018, as well as other former mining sites.
IST unites with Edmond Lim in Canada
Lansing, Mich.-based Integrated Stealth Technology (IST) announced a business alliance with Edmond Lim, to ensure continuity of attention to Canadian component manufacturers as the housing market continues to recover, the company said.
IST installs new and refurbished table systems in Canada and the United States, including auto puck jigging system installations.
“Traditionally the Canadian component industry heats up months before the U.S.,” said Ed Joseph, president and owner of IST. “I have also been busy in the U.S., but the Canadian component manufacturers are really gearing up. There is no one more qualified to handle my business in Canada than Edmond Lim."
"Ed Joseph and I were very competitive over the years,” said Lim. “More times than not, IST (Ed Joseph) would earn the sale if no auto jigging system was required. I (Edmond Lim) would earn the sale if an auto jigging system was required. However, if it was a retrofit jigging system, none of us would get the sale. I am glad to announce that IST now has a retrofitable Auto Puck Jigging System with a unique upgrade proposition."
Generation Growth Capital to sell Martell Construction
Short of disclosing further details regarding the transaction, private equity fund Generation Growth Capital, Inc. has announced the sale of Martell Construction, Inc.
“We are very pleased with our investment in Martell and wish the ownership group continued success in taking the company to the next level,” said Cory Nettles, managing director of GGC.
GGC initially invested in Martell in December 2008. The construction services company delivered strong results in the period that followed, maintaining solid margins and realizing a two times cash on cash return in the recession economy.
“GGC was a great partner that helped us establish operational and financial systems that allowed us to better manage the business,” said Mike Carney, former president of Martell. “GGC’s approach to investing for growth worked out well for the company.”
“GGC took a good company and made it much better. We look forward to growing the business and creating more good-paying jobs in our community,” said Brian Begotka, VP/treasurer at Martell.
The Green Bay, Wisc.-based construction company primarily acts as a subcontractor on large projects and specializes in sidewalks, curb and gutter, and concrete pavement.