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The paper talks about the evolution of the top U. S producer of construction aggregates, Vulcan Materials. With its announcement of taking over the Florida Rocks, Vulcan Materials has clearly acquired the top slot with regard to production and ranking. The strategic presence of the company across the globe is the key to the success of Vulcan Materials. The following section of the paper talks about the history of Vulcan Materials and its gradual development to become the largest producer of construction aggregates in the United States. Abstract Established in 1909 as a family business, Birmingham Slag Company is today known as Vulcan Materials.
The history of Vulcan Materials dates back to 1916 when Charles Lincoln Ireland, a banker from Ohio, purchased a successful business called Birmingham Slag. To manage the operations in Birmingham, he sent his three sons, Glenn, Eugene, and Barney to Birmingham. The company remained profitable under the able leadership of Ireland until 1932. This was the period when the world was undergoing the worst economic depression. After the Great Depression was over, Birmingham Slag began to grow in earnest. By 1939, the company had become a major supplier of aggregates to Tennessee Valley Authority projects.
In 1942, Birmingham Slag entered a three-year contract to provide all construction materials for the war effort. Next, in 1944, Birmingham Slag started its first joint venture with one of the Souths largest aggregates businesses located in Knoxville, Tennessee, the Lambert Brothers Inc. This strategic joint venture between the two companies lead to enormous growth in the profit for Birmingham Slag. By 1950, Birmingham Slag had become a huge organization with 600 employees across the world. The sales had increased to more than $ 20 million, and net profits ranged between $ 1. 5 million and $ 2 million per year. In 1956, Bernard A.
Monaghan, then a prominent lawyer and a former Rhodes Scholar joined Birmingham Slag. His assignment with the company required him to help Birmingham Slag facilitate a merger with the Vulcan Designing Company of Sewaren, New Jersey. Soon after the merger, Birmingham Slag was announced a publicly traded company under Vulcan Detinnings listing on the New York Stock Exchange. The newly merged company was renamed Vulcan Materials Company. The company now had access to the capital markets that would enable it expand its operations. In 1957, the company asked its stockholders to approve its merger with nine companies at the same time.
The merger with Union Chemicals, Lambert Brothers and seven other aggregates or related corporations resulted into the formation of Vulcan's Chemicals Division. In 1958, Bernard Monaghan took over as the executive vice president of Vulcan Materials Company. With his arrival, a decentralized organizational structure was developed that created nine operating divisions and a corporate office. The company continued to expand its operations in various parts of the world. In 1990, the company made its largest ever acquisition of the massive Reed Quarry, located near Paducah, Kentucky.
Currently, Vulcan Materials provides infrastructure materials to the American economy. The primary products of Vulcan Materials include crushed stone, sand and gravel. It has become the nations largest producer of construction aggregates. With the mission to provide quality products and services to consistently meet the customers expectations, the company celebrated its 50 th anniversary in 2007.
The company is committed to earn superior returns for its shareholders. Under the guidance and supervision of Donald M. James, the company has created its value and thrives on a business that has location as the key to success. The company aims to aggressively pursue profitable growth opportunities by extending existing product lines, adding new products, and developing greenfield sites along with business acquisitions.
Conclusion It may be concluded that various strategic decisions have enable a small firm Birmingham Slag to become the nations largest producer of construction aggregates. Its mission, guidelines, and relationship with the shareholders had helped in become stronger each passing year. References web web
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Research essay sample on Largest Producer Joint Venture
