Martin Marietta Completes Acquisition of Lehigh Hanson’s West Region Business
October 01 2021 - 11:40AM
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 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.
Forward Looking Statements
This release contains statements which
constitute forward-looking statements within the meaning of federal
securities law. Statements and assumptions on future revenues,
income and cash flows, performance, economic trends, the outcome of
litigation, regulatory compliance and environmental remediation
cost estimates are examples of forward-looking statements. Numerous
factors could affect the Company’s forward-looking statements and
actual performance.
Investors are cautioned that all forward-looking
statements involve risks and uncertainties, and are based on
assumptions that the Company believes in good faith are reasonable
at the time the statements are made, but which may be materially
different from actual results. Investors can identify these
statements by the fact that they do not relate only to historic or
current facts. The words “may”, “will”, “could”, “should”,
“anticipate”, “believe”, “estimate”, “expect”, “forecast”,
“intend”, “outlook”, “plan”, “project”, “scheduled” and other words
of similar meaning in connection with future events or future
operating or financial performance are intended to identify
forward-looking statements. Any or all of Martin Marietta’s
forward-looking statements in this release and in other
publications may turn out to be wrong.
You should consider these forward-looking
statements in light of risk factors discussed in Martin Marietta’s
Annual Report on Form 10-K for the year ended December 31, 2020,
Martin Marietta’s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2021 and June 30, 2021, and other periodic filings
made with the SEC. All of the Company’s forward-looking statements
should be considered in light of these factors. In addition, other
risks and uncertainties not presently known to the Company or that
it considers immaterial could affect the accuracy of its
forward-looking statements, or adversely affect or be material to
the Company. Except as required by law, the Company undertakes no
obligation to update any forward-looking statements in order to
reflect any event or circumstance that may arise after the date of
this release.
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.
Investor Contact: Suzanne
OsbergVice President, Investor Relations (919)
783-4691Suzanne.Osberg@martinmarietta.com
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