



                                                             January 4, 1999
                                                       FOR IMMEDIATE RELEASE



    VULCAN MATERIALS COMPANY ACQUIRES OVER 90 PERCENT OF CALMAT CO. SHARES IN
                                TENDER OFFER AND
                    ANNOUNCES MANAGEMENT TEAM FOR CALMAT CO.

      Birmingham, Alabama, January 4, 1999 - Vulcan Materials Company (NYSE:VMC)
today announced that it has completed its $31.00 per share cash tender offer for
all of the outstanding shares of common stock, and the associated common share
purchase rights, of CalMat Co. through ALB Acquisition Corporation, a
wholly-owned subsidiary of Vulcan.

      According to the depository's preliminary report, approximately 95 percent
of CalMat's outstanding shares were tendered. The offer expired at 12:00
midnight, EST, on Friday, January 1, 1999. ALB Acquisition Corporation accepted
for payment all shares validly tendered according to the terms of the tender
offer. The tender offer will be followed by a merger of ALB Acquisition
Corporation into CalMat, in which each CalMat share not acquired in the tender
offer will be converted into the right to receive $31.00 in cash.

      Vulcan also announced that James W. Smack (55) has been appointed
President of CalMat Co. Mr. Smack has served since 1991 as President of Vulcan's
Mideast Division, headquartered in Winston-Salem, North Carolina. Mr. Smack has
been employed by Vulcan in various management positions since 1982. Vulcan's
Chairman and Chief Executive Officer, Donald M. James, said "Jim Smack has
thirty years of experience in the construction materials industry and has been a
major force in the outstanding performance of our Mideast Division. I'm certain
that Jim Smack and his management team will provide the leadership for CalMat to
contribute to Vulcan's growth in earnings and shareholder value."

      Mr. James also announced that Jeffrey L. McCormick (43) and Ronald L.
Walker (37) will join Mr. Smack on the CalMat management team. Mr. McCormick
will serve as Chief Transition Officer and Mr. Walker as Vice President,
Operations Services. Both men are long-time Vulcan employees who have served in
various management positions.

      Mr. James said that Scott J. Wilcott, formerly Senior Vice President
of CalMat,  will serve as  President  of CalMat's  real estate  division and
that James Gallagher and Paul Stanford,  formerly  Executive Vice Presidents
of CalMat, will be consultants to the 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 Co. is one of the largest U.S. producers of construction
aggregates, asphalt and ready-mixed concrete.


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