Martin Marietta Materials, Inc. announced that it entered into a definitive agreement to acquire 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $2.05 billion in cash.
Additionally the Company completed its previously announced divesture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash.
Together, these portfolio optimizing transactions not only improve the Company’s product mix, margin profile and durability through cycles, but also provide balance sheet flexibility for future acquisitive and organic growth.
The BWI Southeast transaction will be financed with balance sheet cash and is expected to close later this year, subject to regulatory approvals and other customary closing conditions.
