Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that it has entered into a definitive agreement under which Martin Marietta will acquire Lehigh Hanson, Inc.’s West Region business (“Lehigh West Region”) for $2.3 billion in cash.
Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “We continue to successfully execute on our strategic initiatives to enhance our footprint and responsibly expand our business. Lehigh’s West Region has leading positions in some of the nation’s most attractive markets, providing Martin Marietta with access to new geographies for continued industry-leading growth. With this acquisition, our Company will be well-positioned to capitalize on long-term demand drivers from increased state infrastructure investment in California and Arizona as well as continued private-sector growth across these regions. We are confident in our ability to quickly realize the benefits of this transaction following the same proven approach we took with our acquisitions of TXI and Bluegrass. Those purchases delivered significant value creation as will the addition of the Lehigh West Region as Martin Marietta SOARs to a Sustainable Future.”