RALEIGH, N.C., March 24, 2022 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE: MLM) today announced that it has entered into a definitive agreement to sell its Colorado and Central Texas ready mixed concrete operations to Smyrna Ready Mix Concrete LLC.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “As we have previously stated and consistent with our SOAR (Strategic Operating Analysis and Review) 2025 objectives, we look for opportunities to optimize our aggregates-led portfolio and maximize value for our shareholders. Proceeds from this divestiture will be used to advance our longstanding capital allocation priorities, which are focused on value-enhancing acquisitions, prudent organic investments, and returning cash to shareholders through both a meaningful and sustainable dividend and our share repurchase program.”
The transaction is expected to close on March 31, 2022, subject to regulatory approvals and other customary closing conditions. Further transaction details will be provided during Martin Marietta’s first-quarter 2022 earnings conference call.
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. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.
About Smyrna Ready Mix Concrete
Smyrna Ready Mix Concrete is the largest privately-owned ready mixed concrete producer in the United States. Established in 1999 by Mike and Melissa Hollingshead in Smyrna, Tennessee, the family-owned company owns and operates an expansive network of ready mixed concrete plants, quarries, cement terminals, and other ancillary services. Smyrna Ready Mix Concrete focuses on providing building material services across the commercial and residential construction segments. For more information about Smyrna Ready Mix Concrete, visit www.smyrnareadymix.com.
