Company to sell Colorado and Central Texas ready-mixed concrete operations to Smyrna
MARTIN Marietta Materials Inc. have entered into a definitive agreement to sell their Colorado and Central Texas ready-mixed concrete operations to Smyrna Ready Mix Concrete LLC for an undisclosed sum.
Ward Nye, chairman, president, and chief executive officer of Martin Marietta, said: ‘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 programme.’
Smyrna Ready Mix Concrete are the largest privately owned ready-mixed concrete producers in the US. Established in 1999 by Mike and Melissa Hollingshead in Smyrna, Tennessee, the family-owned company currently has more than 4,000 employees and owns and operates an expansive network of ready-mixed concrete plants, quarries, cement terminals, and other ancillary services, focusing on the provision of building materials to the commercial and residential construction segments across 13 states.
The transaction is expected to close on 31 March 2022, subject to regulatory approvals and other customary closing conditions.