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.