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Construction Materials Giants Merge

Tuesday, July 8, 2014

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Martin Marietta Materials has become the largest U.S. producer of aggregates and heavy building materials, with the completion of its $2.7 billion takeover of Texas Industries, the companies have announced.

The combined $8.8 billion company "enhances Martin Marietta’s position as an aggregates-led, low-cost operator in the perennially largest and fastest growing geographies in the United States," Martin Marietta announced Wednesday (July 2).

"With a leading U.S. aggregates position, the acquisition provides complementary, high-quality assets in cement and ready mix concrete, augmented by the company’s best-in-class long-haul transportation network," Martin Marietta said..

Martin Marietta Materials
Martin Marietta Materials

Martin Marietta Materials operates more than 400 facilities in the U.S., Canada and the Caribbean.

The deal was announced in January and approved June 30 by shareholders of both companies. Under the terms of the agreement, Texas Industries shareholders will receive 0.700 Martin Marietta shares for each share of Texas Industries common stock they owned at closing.

TXI was delisted from the New York Stock Exchange after the transaction.

About the Companies

Martin Marietta, a member of the S&P 500 index, is a leading supplier of aggregates and heavy building materials. The company was founded in 1939 as Superior Stone and, in 1993, became part of Martin Marietta.

Martin Marietta’s Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products.

Texas Industries Inc.

Texas Industries, founded in 1951, produces concrete, cement, aggregate, slurry and related products for commercial and industrial applications.

Texas Industries, founded in 1951, produces concrete, cement, aggregate, slurry and related products. It is the largest cement producer in Texas and a significant supplier in California.

In addition,TXI Energy Services provides specialized drilling products and petrochemical support services to the energy industry.

Expansion Seen

The merger will expand Martin Marietta's "platform for growth," with vertical integration in select markets, greater scale, and increased geographic and product diversification, the companies said in January.

"In particular, Martin Marietta will benefit from greater exposure to the expanding cement markets in Texas and California - two of the largest and fastest-growing markets for construction materials in the United States," said chairman, president and CEO Ward Nye.

Texas Industries Inc.

Texas Industries is the largest cement producer in Texas and a major supplier in California.

The combined company now boasts a network of more than 400 quarries, mines, distribution yards and plants spanning 36 states, Canada, and the Caribbean Islands.

"As a result of this combination, we will be poised to capitalize on the strength of our combined aggregates platform as well as the significant upside potential in the infrastructure, residential and nonresidential construction
segments," said Nye.



Tagged categories: Acquisitions; Bridges; Building materials; Cement; Concrete; Roads/Highways

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