Vulcan Materials Co., Birmingham, Ala., on March 15 contributed 1.19 million shares of common stock to the Vulcan Materials Co. Master Pension Trust, according to an SEC filing.
The shares were valued at $49.38 each as of midday today for a total value of $58.8 million.
The company wrote in its annual report that it plans to make $72.5 million in contributions to its pension plans in 2010. The pension plans were valued at $493.6 million as of Dec. 31, according to the annual report.
“It is anticipated that these contributions, along with existing funding credits, are sufficient to fund projected minimum required contributions until the 2013 plan year,” according to the annual report. “We currently do not anticipate that the funded status of any of our plans will fall below statutory thresholds requiring accelerated funding or constraints on benefit levels or plan administration.”
Mark Warren, director of investor relations, could not be reached for comment.