SOURCE Agg-Net | July 15, 2026
MARTIN Marietta Materials Inc. have entered into a definitive agreement to combine with Lhoist North America Inc. (LNA), a subsidiary of the Belgium-based Lhoist Group, for US$13.5 billion in cash and shares of Martin Marietta common stock. Upon completion of the transaction, Martin Marietta expect to become the US’s leading producer of lime and limestone solutions.
Lhoist North America is a leading producer of hi-calcium lime, dolomitic lime and industrial mineral products, serving a diversified set of end markets such as domestic steel manufacturing, infrastructure, and heavy non-residential construction, environmental and agricultural applications. In addition, their products are critical inputs supporting re-industrialization and related development across North America.
LNA operate a network of 20 quarries and production facilities and 45 distribution terminals, generating US$1.8 billion in gross sales and US$786 million of adjusted EBITDA for the 12 months ended 31 December 2025. LNA are anchored by more than 2 billion tons of high-quality limestone reserves, strategically positioned in high-growth, Sun Belt metropolitan corridors. This reserve base of more than 200 years of useful life represents one of the most significant and strategically advantaged limestone positions in North America.
Ward Nye, Chair, president and chief executive officer of Martin Marietta, said: ‘This transaction represents another transformational milestone for Martin Marietta and directly advances our SOAR 2030 objective to expand our complementary, upstream Specialties segment in lime and other industrial minerals. It builds on our core quarrying competency, expands our geographic footprint and immediately establishes Martin Marietta as the leading national producer of lime solutions. As the US continues to invest in infrastructure, advanced manufacturing, energy development and industrial expansion, demand for high-quality lime products is expected to remain resilient for decades to come.
‘With long-lived limestone reserves, a complementary distribution network, and an attractive financial profile, the LNA business strengthens our portfolio, enhances our ability to serve both new and existing customers, and deepens our role in providing the critical materials necessary to build our nation’s infrastructure, manufacturing and industrial base. Importantly, it reinforces our ability to deliver consistent, through-cycle performance and long-term value creation.’
Baron Berghmans, chairman of Lhoist Group, said: ‘For more than a century, our family has built Lhoist into a global leader by safeguarding world-class limestone reserves and serving our customers with discipline, quality and care. In Martin Marietta, we have found a partner who shares these values, honours the legacy we have carefully built and ensures it will endure for generations to come.’
The combination of Martin Marietta and LNA will position Martin Marietta as the clear leader in lime and specialty mineral products, supported by a compelling set of strategic and financial drivers:
- Irreplicable upstream materials platform supported by significant reserve scarcity value and positioned for through-cycle, profitable growth. The addition of more than 200 years of high-quality limestone reserves, together with combined mining expertise, enhances the company’s strategic optionality and positions it to maximize the value of an extensive portfolio of hi-calcium, dolomitic lime and industrial mineral products.
- Highly complementary footprint in key south-east and south-west geographies. LNA’s assets are located across key Sun Belt metropolitan areas, complementing the high-growth corridors that are central to Martin Marietta’s long-term growth strategy. The transaction will deepen the company’s presence in Texas and the south-east and enhance its ability to serve new and existing customers through the combined distribution terminal network.
- Provides a differentiated product offering and attractive exposure to high-growth end markets. The combination of Martin Marietta and LNA establishes a differentiated portfolio of aggregates, lime and specialty product solutions, enhancing the ability to serve large-scale and complex infrastructure and industrial mega-projects, including highways, data centres, semiconductor fabrication and LNG facilities.
- Accretive to margins and earnings per share with multiple levers for value creation and substantial cash flow generation. Martin Marietta expect to realize approximately US$85 million in annual run-rate cost synergies, with additional potential upside from commercial and operational opportunities. The transaction is expected to be accretive to earnings and margins in the first full year following close.
The consideration will consist of US$7.0 billion in cash (subject to customary adjustments) and shares of Martin Marietta common stock valued at US$6.5 billion. Upon closing, the Berghmans family is expected to own approximately 15% of Martin Marietta on a fully diluted basis and will have the right to appoint one director and one observer to Martin Marietta’s board of directors. The transaction is expected to close in the second half of 2026, subject to receipt of required regulatory approvals.
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