Martin Marietta divest sites and acquire new business
Tuesday, July 3, 2018 - 09:35
Company completes divestitures in connection with Bluegrass acquisition and acquires sand and gravel business
MARTIN Marietta Materials Inc., one of the leading suppliers of building materials in the US, have completed the divestitures required pursuant to their agreement with the US Department of Justice (DoJ) to resolve all competition issues with respect to the acquisition of Bluegrass Materials Company, which closed on 27 April 2018.
Martin Marietta sold their Forsyth aggregates quarry north of Atlanta, Georgia, on 27 April 2018, and Bluegrass’ Beaver Creek aggregates quarry in western Maryland on 5 June 2018, both for cash.
Meanwhile, Martin Marietta acquired CRH America’s Mallard Sand & Gravel business in Omaha, Nebraska, on 22 June 2018. This business consists of sand and gravel operations plus a permitted greenfield site, and will add approximately 30 million tons of aggregates reserves.
CRH were required to divest these assets pursuant to their agreement with the Federal Trade Commission as part of their acquisition of Ash Grove Cement Company.
Commenting on the transactions, Ward Nye, chairman, president and chief executive officer of Martin Marietta, said: ‘We’re pleased to conclude the DoJ’s Hart-Scott-Rodino process related to our acquisition of Bluegrass Materials.
‘Additionally, we’re delighted to augment our Midwest business with the acquisition of Mallard Sand & Gravel, and to welcome their employees to our company.
‘These endeavours, 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.’