Business

August 18, 2014

Martin Marietta completes sales required for Texas Industries deal

Martin Marietta Materials announced Monday that it has completed the divestitures required by the U.S. Department of Justice that was a condition of the Raleigh’s company’s acquisition of Texas Industries.

Martin Marietta Materials announced Monday that it has completed the divestitures required by the U.S. Department of Justice that was a condition of the Raleigh’s company’s acquisition of Texas Industries.

Martin Marietta sold a quarry in Oklahoma and two rail yards in Dallas for cash and real property to Vulcan Materials.

In late 2011, Martin Marietta made a hostile takeover bid for Birmingham, Ala.-based Vulcan, at the time a larger rival that had taken on considerable debt to make an acquisition in 2007. But Martin Marietta was forced to halt the effort after a Delaware judge ruled that the company violated a 2010 confidentiality agreement with Vulcan in making its bid.

Martin Marietta completed its acquisition of Texas Industries on July 1. The deal makes Martin Marietta the largest provider of rock, gravel and other construction materials in the country.

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