Issue link: http://read.dmtmag.com/i/75471
Data he aggregate, asphalt, and concrete sectors received good news in June with the passing of a new two-year federal transportation bill. Spending and invest- ment have been on hold for the last few years due to the absence of certainty for federal funding for transportation projects. Since Fall 2009, when the last federal transportation bill expired, the market has been operating under short-term funding extensions. While the overall levels of funding are not overly impressive, the two-year commitment is significant for those in the construction materials sector. The House of Representatives and Senate cleared H.R. 4348, the Moving Ahead for Progress in the 21st Century Act, and President Obama signed the bill into law on July 6. The House of Representatives voted 373 to 52 to pass the conference report and send the mea- sure to the Senate. The Senate voted 74 to 19 T The $105 billion bill will provide $39.7 bil- lion for highway funding in fiscal year 2013, increasing to $40.3 billion in fiscal year 2014. These numbers compare to $39.1 billion in fiscal year 2012. The bill is expected to create or save about 3 million jobs. Recent transactions Oldcastle, Inc. recently announced that it com- pleted 10 bolt-on deals across its operations during the first six months of 2012, adding 47 million tons of aggregate reserves. Its architec- tural productions business expanded its national packaged product operations with two deals adding plants in Texas, Louisiana, and Florida. It also added to its masonry operations with an acquisition in Rhode Island. These deals were valued at approximately $111 million. VantaCore Partners acquired Morgantown, George H. Reddin is a principal in FMI's Investment Banking practice. He can be reached at 919-785-9286 or at greddin@fminet.com. Oldcastle, Vantacore pursue acquisitions to pass the conference report. W.Va.-based Laurel Aggregates, Inc., which manufactures construction materials. VantaCore Partners LP, through its subsidiaries, produces and supplies rock, sand, and gravel products for the infrastructure, commercial, and residential markets in Tennessee, Kentucky, Louisiana, and Mississippi. The Douglassville, Pa., manufacturing facility of Rinox Pavers LLC (which manufactures land- scape and hardscaping products) was acquired by Techo-Bloc, Inc., also based in Douglassville, Pa. It operates as a subsidiary of Haines & Kibble- house, Inc. Techo-Bloc was founded in 1989 and is based in St-Hubert, Canada, with production facilities in Montreal, Canada, and Pen Argyl, Pa. ERD Aggregate Corp. sold its Granite Hill property, which includes 120 million tons of granite reserves on 342 acres located in Georgia, to an undisclosed buyer. The price was announced as $3.4 million. AM Stock Report Company Cemex, S.A.B. de C.V. CRH plc Eagle Materials Inc. Granite Construction Inc. Heidelberg Cement AG Holcim Ltd. James Hardie Industries SE U.S. On-Highway Diesel Fuel Prices Ticker Current Value CX $6.72 CRG $19.30 EXP $38.09 GVA $26.00 HEI $49.27 HOLN $11.18 JHX $40.12 Martin Marietta Materials, Inc. MLM $78.99 MDU Resources Group, Inc. Texas Industries Inc. MDU $22.09 TXI $40.45 United States Lime & Minerals, Inc. USLM $47.46 Vulcan Materials Co. VMC $40.72 52-Week 52-Week High Low $8.67 $21.30 $38.70 $30.49 $58.86 $14.86 $41.29 $90.57 $23.28 $42.74 $67.40 $48.09 2.27 $13.23 $15.36 $16.92 $30.16 $9.49 $25.23 $59.93 $18.00 $21.89 $37.19 $25.06 Sources: New York Stock Exchange, Google Finance. Currency conversion calculated on July 3, 2012. United States East Coast New England Central Atlantic Lower Atlantic 7/2/2012 One Week One Year 3.648 3.702 3.843 3.793 3.607 Midwest 3.580 Gulf Coast Rocky Mountain West Coast 3.568 3.705 3.787 West Coast less California 3.682 California 3.876 -0.030 -0.202 -0.016 -0.168 -0.030 -0.166 -0.024 -0.185 -0.009 -0.205 -0.026 -0.238 -0.033 -0.230 -0.074 -0.146 -0.052 -0.206 -0.076 NA -0.032 -0.189 Sources: U.S. Energy Information Administration (dollars per gallon, prices include all taxes). AGGREGATES MANAGER August 2012 17