Martin Marietta Materials completes Texas Industries deal
07/02/2014 10:54 AM
07/02/2014 10:55 AM
Martin Marietta Materials has completed its $2.7 billion acquisition of Texas Industries, a deal that makes it the nation’s No. 1 supplier of rock, gravel and other construction materials.
“Uniting our complementary assets and leveraging our expanded geographic footprint provides Martin Marietta with an expanded platform for growth,” CEO Ward Nye said in a prepared statement.
By adding Texas Industries, Martin Marietta now has a network of 400 quarries, distribution yards and plants in 36 states, Canada, the Bahamas and the Caribbean.
Martin Marietta anticipates that combining the two businesses will enable it to realize annual savings of $70 million by 2017.
Martin Marietta has been gradually expanding its network of quarries and other facilities over the past two decades. The Texas Industries deal is its largest acquisition ever.
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