Martin Marietta Materials is expected to soon become the nation’s No. 1 supplier of rock, gravel and other construction materials now that its proposed $2.7 billion acquisition of Texas Industries has been approved by shareholders of both companies.
Raleigh-based Martin Marietta and Texas Industries reported Monday that their shareholders each overwhelmingly approved the deal.
The shareholder go-aheads were the last approvals necessary to complete the acquisition. The two companies said in their joint announcement that they now “expect the transaction to close promptly.”
By adding Texas Industries, Martin Marietta will have a network of more than 400 quarries, distribution yards and plants in 36 states, Canada, the Bahamas and the Caribbean. It will also expand into the cement business.
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Texas Industries will become a subsidiary of Martin Marietta.