US-based Martin Marietta Materials, Inc. has announced that it plans to form an agreement with the US Department of Justice that will resolve competition issues related to its proposed acquisition of Texas Industries, Inc. (TXI).
The company expects the agreement, which is likely to be finalised this week, to require it to divest its North Troy aggregates quarry in Mill creek, Oklahoma, as well as two rail yards in Dallas and Frisco, Texas.
Closure of the acquisition is pending both TXI and Martin Marietta shareholder approval. Meetings with shareholders will take place on 30 June. The transaction is expected to close soon after shareholder approval has been granted.
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The transaction between TXI and Martin Marietta Materials has been confirmed, subject to approvals, bringing Martin Marietta into the US cement industry.