Martin Marietta Materials, Inc. has announced that it successfully completed its previously announced acquisition of Lehigh Hanson, Inc.’s West Region business for US$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 favourable market dynamics and accelerating public and private construction activity in California and Arizona. We are confident in our ability to quickly realise 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.
Read the article online at: https://www.worldcement.com/the-americas/06102021/martin-marietta-completes-acquisition-of-lehigh-hansons-west-region-business/