Martin Marietta Completes Divestitures in Connection With Bluegrass Materials Acquisition and Announces Acquisition of Sand and Gravel Business
RALEIGH, N.C., June 25, 2018 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) today announced it has completed the divestitures required pursuant to its agreement with the U.S. Department of Justice (DOJ) to resolve all competition issues with respect to Martin Marietta’s acquisition of Bluegrass Materials Company which closed on April 27, 2018. Martin Marietta sold its Forsyth aggregates quarry north of Atlanta, Georgia, on April 27, 2018, and Bluegrass’ Beaver Creek aggregates quarry in western Maryland on June 5, 2018, both for cash.
The Company also announced it acquired CRH America’s (CRH) Mallard Sand & Gravel business in Omaha, Nebraska, on June 22, 2018. This business consists of sand and gravel operations and a permitted greenfield site and will add approximately 30 million tons of aggregates reserves. CRH was required to divest these assets pursuant to its agreement with the Federal Trade Commission as part of its acquisition of Ash Grove Cement Company.
Commenting on the transactions, Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “We are pleased to conclude the DOJ’s Hart-Scott-Rodino process related to our acquisition of Bluegrass Materials. Additionally, we are delighted to augment our Midwest business with the addition of Mallard Sand & Gravel and to welcome those employees to our company. These endeavors, all entirely consistent with our strategic plan and capital allocation priorities, better position us to continue to deliver both near- and long-term enhanced shareholder value.”
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 27 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary for building the solid foundations on which our communities thrive. Martin Marietta's Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.
Investor Contact:
Suzanne Osberg
Vice President, Investor Relations
(919) 783-4691
Suzanne.Osberg@martinmarietta.com
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