SOURCE: Martin Marietta Materials | December 28, 2023
Raleigh N.C.- Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) announced that it has entered into a definitive agreement to sell its South Texas cement business and certain of its related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash. More specifically, the facilities to be divested include the Hunter cement plant in New Braunfels, related cement distribution terminals and 20 concrete plants serving the Austin and San Antonio region.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated “Consistent with our SOAR (Strategic Operating Analysis and Review) 2025 objectives, we continually examine ways to optimize our portfolio and product mix through asset purchases, exchanges and/or divestitures. After thorough evaluation, we believe that monetizing these operations is in the Company’s best interests to maximize near-, medium- and long-term stakeholder value.
“Consistent with our clearly articulated capital allocation priorities, we expect to use the transaction proceeds to advance our SOAR 2025 growth objectives, while continuing our long-standing track record of returning capital to shareholders.”
The transaction is expected to close in the first half of 2024, subject to regulatory approvals. and other customary closing conditions.
About Martin Marietta
Martin Marietta, a member of the S&P 500 Index, is an American-based company and a leading supplier of building materials, including aggregates, cement, ready-mixed concrete and asphalt. Through a network of operations spanning 28 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources for building the solid foundations on which our communities thrive. Martin Marietta’s Magnesia Specialties business produces high-purity magnesia and dolomitic lime products used worldwide in environmental, industrial, agricultural and specialty applications.
To comment on this story or for additional details click on related button above.