
<PAGE>
                                                                  Exhibit (a)(7)

                VULCAN MATERIALS COMPANY TO ACQUIRE CALMAT COMPANY FOR
                                    $31 PER SHARE
      CREATES LARGEST COAST-TO-COAST PRODUCER OF QUALITY CONSTRUCTION MATERIALS

BIRMINGHAM, ALA AND LOS ANGELES (NOVEMBER 16, 1998) -- Vulcan Materials Company
[NYSE: VMC] and CalMat Company [NYSE:  CZM] today announced they have entered
into a definitive merger agreement providing for the acquisition of all of the
shares of CalMat by Vulcan Materials at a per-share price of $31 in cash.  The
transaction has a total equity value of $760 million, and Vulcan Materials will
assume approximately $130 million in CalMat debt for a total transaction value
of $890 million.

This combination further solidifies Vulcan Materials' position as the nation's
largest producer of construction aggregates, serving 21 western, midwestern,
southwestern and southern states from Virginia to California.  The combined
company, which will also be one of the nation's largest producers of asphalt mix
for highway construction, will have 1998 estimated sales of $2.3 billion and
8,700 employees.

Under the terms of the agreement, a tender offer will be commenced this week to
purchase all outstanding shares of CalMat for $31 per share in cash.  The tender
offer is expected to expire on January 1, 1999, with anticipated closing on
January 4, 1999.  The Boards of Directors of Vulcan Materials and CalMat have
approved the agreement, and CalMat's board has voted unanimously to recommend
that all CalMat shareholders tender their shares.  The transaction is expected
to be neutral to Vulcan's 1999 earnings per share, and to be accretive to
earnings per share in 2000.  The transaction is not conditioned upon financing. 
Under the terms of the definitive agreement, CalMat has agreed not to pay its
regular quarterly dividend of $.10 a share for the fourth quarter of 1998.

Donald M. James, Vulcan Materials chairman and chief executive officer, said,
"This combination creates a premier, fast-growing construction materials company
with strong positions throughout the Sunbelt, midwest and west.  Our combined
geographic diversity and strong capital base will position us for better growth
than Vulcan Materials and CalMat could achieve as separate companies, while
strengthening our ability to withstand economic uncertainty.  The strategic fit
of Vulcan and CalMat has been recognized by both companies' managements for over
a decade.  We are pleased that Vulcan's strong balance sheet makes this
transaction possible at a time when Vulcan's interest rates are extremely
favorable and the outlook for our industry and our markets is bright.  In
addition to the excellent strategic fit, we believe that Vulcan Materials and
CalMat should benefit through the exchange of best practices in operations,
procurement, product quality, and customer service.  CalMat, as a subsidiary of
Vulcan Materials, will continue to be headquartered in Los Angeles."

A. Frederick Gerstell, CalMat's chairman and chief executive officer, said,
"CalMat's roots in California go back more than a century, and we are proud of
what we have accomplished.  As we look to the future, it is clear to us that
this strategic alliance will enhance our leadership role in the future of the
west.  We are delighted to join with Vulcan Materials, which has fulfilled a
similar historic leadership role in the eastern half of the United States. 
Together, we are positioned for continued growth as we enter the next century.

<PAGE>

"This transaction delivers an attractive price to CalMat's shareholders, and
provides our customers the assurance of reliable supplies of the highest-quality
products and services well into the future," Mr. Gerstell continued.  "This
transaction provides our employees with greater opportunities to grow along with
our combined company.  We believe that, as a result, our communities, customers
and employees will benefit.  We look forward to a productive partnership with
Vulcan Materials."

Donald M. James, chairman and chief executive officer of Vulcan Materials, will
continue as chairman and chief executive officer of the combined company.  A.
Frederick Gerstell, chairman and chief executive officer of CalMat, will become
vice chairman and a director of Vulcan Materials.  Mr. James said, "We are
extremely pleased that Fred will be joining our company.  Fred is a leader in
the construction materials industry, and his background and experience will be
invaluable in helping to guide the combined company."

Goldman, Sachs & Co. acted as financial advisor to Vulcan Materials Company. 
Credit Suisse First Boston Corporation acted as financial advisor to CalMat
Company.

Vulcan Materials Company is the largest producer of construction aggregates in
the United States and is recognized as one of the nation's leading producers of
chemicals.

CalMat Company is one of the largest U.S. producers of construction aggregates
and asphalt mix for highway construction.

This release contains forward-looking statements based on current expectations
that involve risk and uncertainties including, but not limited to, national and
regional economic conditions, adverse weather conditions in the companies'
markets, levels of construction spending in the companies' major markets,
unexpected operational difficulties and other risks as described in the
companies' annual reports on Form 10-K and quarterly reports on Form 10-Q filed
with the Securities and Exchange Commission.  Although the companies believe
that the expectations reflected in such forward-looking statements, are based
upon reasonable assumptions, they can give no assurance that its expectations
will be achieved.  Actual results and events may differ materially from what is
expressed or forecasted in such forward-looking statements.

NOTE TO EDITORS:  TODAY'S NEWS RELEASE, ALONG WITH OTHER NEWS ABOUT VULCAN
MATERIALS COMPANY AND CALMAT COMPANY, IS AVAILABLE ON THE INTERNET AT HTTP//WWW
CALMAT.COM AND HTTP://WWW.VULCANMAT.COM.

