RALEIGH, N.C., Oct. 01, 2021 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE: MLM) today announced that it successfully completed its previously announced acquisition of Lehigh Hanson, Inc.’s West Region business for $2.3 billion in cash. Consistent with the Company’s SOAR (Strategic Operating Analysis and Review) 2025 Plan, the acquisition provides the Company with 17 active aggregates facilities, two cement plants and related distribution terminals, and targeted downstream operations serving key California and Arizona regions including the Bay Area, Los Angeles, San Diego and Phoenix.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “We are pleased to complete the Lehigh West Region acquisition and welcome a talented group of new employees to the Martin Marietta team. These assets serve as a new growth platform for our continued geographic expansion and are uniquely positioned to benefit from favorable market dynamics and accelerating public and private construction activity in California and Arizona. We are confident in our ability to quickly realize the benefits of this transaction and deliver significant value creation for our shareholders, customers and employees following the same proven approach we took with our acquisitions of TXI and Bluegrass.”
Excluding acquisition-related expenses, Martin Marietta expects the transaction to be accretive to earnings per share within the first full year of ownership. Integration of the acquired business is anticipated to proceed as planned.
Additional Information
Martin Marietta will provide additional information about the Lehigh West Region acquisition on its third quarter 2021 earnings conference call and online webcast, the date and timing of which has yet to be announced.
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 30 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.
