Martin Marietta to Sell Colorado and Central Texas Ready Mixed Concrete Operations to Smyrna
March 24 2022 - 4:30PM
Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or
the “Company”) today announced that it has entered into a
definitive agreement to sell its Colorado and Central Texas ready
mixed concrete operations to Smyrna Ready Mix Concrete LLC.
Ward Nye, Chairman, President and CEO of Martin
Marietta, stated, “As we have previously stated and consistent with
our SOAR (Strategic Operating Analysis and Review) 2025 objectives,
we look for opportunities to optimize our aggregates-led portfolio
and maximize value for our shareholders. Proceeds from this
divestiture will be used to advance our longstanding capital
allocation priorities, which are focused on value-enhancing
acquisitions, prudent organic investments, and returning cash to
shareholders through both a meaningful and sustainable dividend and
our share repurchase program.”
The transaction is expected to close on March
31, 2022, subject to regulatory approvals and other customary
closing conditions. Further transaction details will be provided
during Martin Marietta’s first-quarter 2022 earnings conference
call.
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 28
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.
About Smyrna Ready Mix Concrete
Smyrna Ready Mix Concrete is the largest
privately-owned ready mixed concrete producer in the United States.
Established in 1999 by Mike and Melissa Hollingshead in Smyrna,
Tennessee, the family-owned company owns and operates an expansive
network of ready mixed concrete plants, quarries, cement terminals,
and other ancillary services. Smyrna Ready Mix Concrete focuses on
providing building material services across the commercial and
residential construction segments. For more information about
Smyrna Ready Mix Concrete, visit www.smyrnareadymix.com.
Investor Contact: Suzanne
OsbergVice President, Investor Relations (919)
783-4691Suzanne.Osberg@martinmarietta.com
MLM-G
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
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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, 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.
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