RALEIGH, N.C., March 01, 2022 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE: MLM) today announced that it has entered into a definitive agreement to sell certain West Coast cement and ready mixed concrete operations to CalPortland Company for $250 million in cash. The operations include the Redding cement plant, related cement distribution terminals and 14 ready-mixed concrete plants located in California.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “Consistent with our SOAR (Strategic Operating Analysis and Review) 2025 plan, we continually look for ways to optimize our portfolio and product mix through asset swaps and divestitures. After thoughtful evaluation, we determined that monetization of these operations is the best avenue to maximize value for all stakeholders.”
The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
The parties have also entered into preferred arrangements regarding the potential sale of the Company’s Tehachapi cement plant and related cement distribution terminals. However, there is no assurance that an agreement for Tehachapi will be entered into.
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 CalPortland Company
CalPortland Company is a major producer of cement, ready mixed concrete, aggregates, concrete products and asphalt in the western United States and Canada. Founded in 1891 with the principle of providing unsurpassed quality, CalPortland remains a leader in the industry through its commitment to quality, customer service, technical support and environmental leadership. The company maintains its headquarters in Glendora, California and operates in the Western U.S. and two Canadian Provinces. For more information about CalPortland Company, visit www.calportland.com.
