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Raleigh Based Company Martin Marietta To Buy Texas Industries In $2.7 Billion Deal

Martin Marietta Materials

Raleigh-based Martin Marietta Materials is moving ahead with its largest acquisition yet.  It is acquiring leading cement producer Texas Industries.

Martin Marietta is one of the largest U.S. producers of construction aggregates like crushed stone, sand and gravel.  Once the company formally merges with Texas Industries, it’s sure to be number one.

The $2.7 billion transaction couldn’t come at a better time, as housing and other construction is starting to bounce back.

Ward Nye is President and CEO of Martin Marietta.

“We really have a coast to coast footprint right now. But this does give us much more in Texas and reintroduces us to California.  We’ve been there before," said Nye.

Nye will continue his role as President and CEO and the combined company of nearly 7,000 employees will keep the name Martin Marietta Materials and its Raleigh headquarters.  The combined companies will have quarries, mines and mixing facilities in 36 states.

Nye, a native of Durham, says they hope to close the deal in the second quarter.  The transaction is subject to regulatory approvals.

Leoneda Inge is WUNC’s race and southern culture reporter, the first public radio journalist in the South to hold such a position. She also is co-host of the podcast Tested and host of the special podcast series, PAULI. Leoneda is the recipient of numerous awards from AP, RTDNA and NABJ. She’s been a reporting fellow in Berlin and Tokyo. You can follow her on Twitter @LeonedaInge.
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