- October 2, 2021
- Posted by: Stratford Team
- Category: Business
Upstream Materials-Led Geographic Expansion into California and Arizona
Transaction Expected to be Accretive to Earnings Per Share in First Full Year
RALEIGH, N.C., Oct. 01, 2021 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that it successfully completed its previously announced acquisition of Lehigh Hanson, Inc.’s West Region business (“Lehigh West Region”) 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…