Martin Marietta Completes Divestitures in Connection With Bluegrass Materials Acquisition and Announces Acquisition of Sand a...
June 25 2018 - 6:00AM
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)
783-4691Suzanne.Osberg@martinmarietta.com
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