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$VMC, a leading producer of construction materials, has closed the acquisition of Aggregates USA. Pursuant to the transaction, Vulcan will integrate the workforce and operations of Aggregates into it. The acquired assets comprise three granite quarries in Georgia and 16 rail distribution yards in Georgia, South Carolina, and Florida.
$VMC reached an agreement with the DoJ that will allow it to complete its acquisition of Aggregates USA, LLC. $VMC will divest Aggregates USA's Tennessee assets and an aggregates quarry in Abingdon, Virginia to Blue Water Industries LLC for $290MM. The Blue Water transaction and the Aggregates USA acquisition are expected to close on Dec. 29, 2017.
Global specialty chemicals industry leader $ALB said it has signed a definitive agreement to sell its polyolefin catalysts and components business to $GRA in cash for approx. $416MM. The organometallics and curatives portions of the Performance Catalysts Solutions business will remain with $ALB. The deal is expected to close during 1Q18.
$IFF's third quarter profits soared 23% to $110MM due to overall strong performance from all its categories. Sales from its two business segments Flavors and Fragrances grew double digits 12% and 13% respectively. Based on YTD performance, the company reaffirmed its FY17 outlook. It expects GAAP EPS to be in the range of 6.5-7.5%.
$POL declared a quarterly cash dividend of $0.175 per share on the common stock outstanding, representing a 30% increase. The dividend will be paid on January 10, 2018 to stockholders of record on December 15, 2017. On an annualized basis, the dividend will increase from $0.54 to $0.70 per share on the common stock outstanding.
Chemical firm $OLN said its 3Q17 adjusted EBITDA will be reduced by about $40MM due to the impact of Hurricane Harvey, which caused cost escalation and decline in sales. The impact is expected to be much less in 4Q17. The company has lifted the ‘force majeure’ declared in August for shipments from its Texas facility, in the wake of the storm.
$VMC, a manufacturer of construction materials, has signed a definitive agreement to acquire logistics company $PLS. The transaction is expected to complete in the fourth quarter of 2017. The acquisition will be subject to customary closing conditions, including approval by Polaris shareholders and the Supreme Court of British Columbia.
$IFF has authorized a quarterly dividend of $0.69 per share of its common stock, an increase of $0.05 or 8% from the current quarterly dividend of $0.64 per share. The dividend is payable on Oct. 6, 2017 to shareholders of record as on Sept. 25, 2017.
$PG, which had a disappointing sales growth run lately, said Grooming segment organic sales for 4Q17 slid 1%, on lower pricing in Shave Care. Organic sales fell low single digits in Shave Care due to lower pricing in US. Gillette franchise is taking hit from value-based store brands and disruptive online offerings such as $UL's Dollar Shave Club.