Martin Marietta to Sell California Cement Plant and Related Terminals to CalPortland
August 09 2022 - 7:00AM
Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or
the “Company”) today announced that it has entered into a
definitive agreement to sell the Tehachapi, California cement plant
and related distribution terminals to CalPortland Company for $350
million in cash.
The transaction is expected to close in the
first half of 2023, subject to regulatory approvals and other
customary closing conditions.
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 CalPortland Company
CalPortland Company is a major producer of
cement, ready mixed concrete, aggregates, concrete products and
asphalt in the western United States and Canada. Founded in 1891
with the principle of providing unsurpassed quality, CalPortland
remains a leader in the industry through its commitment to quality,
customer service, technical support and environmental leadership.
For more information about CalPortland Company, visit
www.calportland.com.
Investor Contact: Jennifer
ParkVice President, Investor Relations (919)
510-4736jennifer.park@martinmarietta.com
MLM-G
This release contains statements which
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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,
Martin Marietta’s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2022 and June 30, 2022, 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
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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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