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Acquisition contributes to Martin Marietta’s quarterly growth
Martin Marietta Materials Inc. released its third-quarter results, reporting a 53 percent growth in net sales that's due in large part to the acquisition of Texas Industries Inc. "Third-quarter 2014 results reflect the acquisition of TXI, the benefits of our larger presence in the western United States, continued growth and enhanced profitability across our heritage business, and our disciplined approach to cost," says Ward Nye, chairman, president and CEO of Martin Marietta. According to Nye, the TXI acquisition added $274 million in net sales and contributed $44.5 million to Martin Marietta's gross profit. "This transformational acquisition, when combined with our solid heritage business, creates a strong and broad foundation for dynamic revenue and profit growth in 2015 and beyond, positioning Martin Marietta to capitalize on increasing demand for building materials," Nye says. In addition, Martin Marietta reports achieving growth in its heritage aggregates product line shipments and pricing. Nye says the company was led by strengthening economic activity in its western group. "Our heritage aggregates-related downstream product lines achieved improved… Keep Reading
Nye, Martin Marietta have positive economic outlook
Martin Marietta Materials Inc. noted in its third-quarter report that a number of economic trends are providing signs of encouragement for the industry. For example, Martin Marietta notes that nonresidential construction is expected to increase in both the heavy industrial and commercial sectors. According to Martin Marietta, the commercial building sector is expected to benefit from improved market fundamentals, such as higher occupancies and rents, strengthened property values and increased real estate lending. Also, shale development and both public and private construction activities remain strong in Martin Marietta's primary markets, the company says. In addition, Martin Marietta notes that historically low levels of construction activity over the previous several years, as well as low mortgage rates, significant lot absorption, higher multi-family rental rates and rising housing prices, should continue to drive growth in the residential sector. "Job growth continues as a significant catalyst for construction activity, and Texas leads the nation in employment gains," says Ward Nye, chairman, president and CEO of Martin Marietta. "Texas' strong Department of Transportation budget… Keep Reading
KPI-JCI employee wins I Make America Harley
Jonathan Egge, a technical sales specialist at KPI-JCI and Astec Mobile Screens, won the Association of Equipment Manufacturers' (AEM) I Make America custom-painted Harley-Davidson motorcycle. Egge’s name was chosen from among thousands of people who were entered for a chance to win the bike when they signed up as I Make America campaign supporters during the Harley’s tour across the country this year. According to a press release, the I Make America tour covered more than 14,000 miles across 11 states this year. The tour made 25 steps at AEM member locations, enlisting more than 39,000 followers in support of pro-jobs, pro-manufacturing policies. The tour visited KPI-JCI and Astec Mobile Screens on June 9 in Yankton, S.D. Keep Reading
Sand-and-gravel producer acquired in Eagle Ford region
Oklahoma-based Harrison Gypsum acquired The Gravel Co., an aggregate producer located in south Texas. According to a press release, the company will do business as ACG Materials. The Gravel Co. operates from seven locations, producing sand and gravel, limestone and caliche, all of which are used to build and maintain roads and well pads in the Eagle Ford shale. “We are very excited about the expansion of our operations in the Eagle Ford region," says Russ Harrison, CEO of Harrison Gypsum. "The acquisition gives us 13 locations in Eagle Ford, which is the largest footprint in the region." Keep Reading
Next Congress may impact mine permitting process, more
House Majority Leader Kevin McCarthy (R-Calif.) shared a memo with House Republicans previewing the agenda for the 114th Congress, writing that the next year and beyond will be about streamlining government agencies. McCarthy references a number of areas within the federal government that could be streamlined and specifically cites the current mine permitting process as a government failure that Congress can fix. "It can take more than a decade to acquire all the government permits for a mineral production project," McCarthy writes. "According to one report, the United States currently ranks last, along with Papua New Guinea, in permitting delays out of the 25 major mining countries. "Inefficient, ineffective, and incompetent federal agencies, along with failed government policies, have real-world consequences," he adds. "They hurt economic growth and job creation. Restoring economic growth and job creation will be the central policy goal of the next Congress, and restoring competence in government will be part of that effort. In addition, McCarthy references MAP-21 and the Water Resources Reform and Development Act… Keep Reading
Emerson business unit drawing interest from potential buyers
Timken Co., Regal Beloit Corp. and Altra Industrial Motion Corp. are among the companies competing for Emerson Electric Co.'s power transmission solutions business, Reuters reports. Ball bearings maker Timken, electric motors manufacturer Regal Beloit, and Altra Industrial Motion, a producer of brakes, clutches and couplings, are in a second round of bidding in the auction for the unit, according to Reuters' sources. Private equity firms Warburg Pincus LLC and Onex Corp. are also in the running. The business unit is expected to fetch between $1.2 billion and $1.6 billion in a sale, sources say. Keep Reading
U.S. Silica named America’s best small company
U.S. Silica Holdings Inc. was named to Forbes' 36th annual list of America's Best Small Companies, the company announced. U.S. Silica was ranked first among 100 companies with annual sales under $1 billion. According to a press release, the rankings are based on return on equity, sales growth and earnings growth over the past year, as well as the past five years. Forbes also factors in stock performance versus each company's peer group during the last 12 months. "What a tremendous achievement to be named America's best small company," says Bryan Shinn, president and CEO of U.S. Silica. "We're very pleased to be acknowledged by an organization as prestigious as Forbes." Keep Reading
Hillhead 2016 dates announced
QMJ, the organizers of the Hillhead Quarry Exhibition, set June 28-30, 2016, as the dates for the 17th edition of the biennial mining and construction industries show. The event will again be held at Lafarge Tarmac's Hillhead Quarry near Buxton, England. According to QMJ, demand for exhibition space is expected to be high. Details on exhibiting will be available at www.hillhead.com at a future date. Keep Reading
Industry discusses highway bill, jobs with labor secretary
Representatives from the National Stone, Sand and Gravel Association (NSSGA), state aggregates association reps and executives from a number of aggregate producers met with U.S. Labor Secretary Thomas Perez and MSHA's Joe Main to discuss key issues facing the aggregates industry. The group discussed a number of topics, including the continued need for a long-term federal highway bill. "We talked with the secretary about how important it is to get that long-term highway bill – not just for us but for the American economy," said Mike Johnson, president and CEO of NSSGA, in a phone interview with Pit & Quarry. "His job is to make sure this economic recovery includes good jobs and that we're growing the middle class. The secretary understood that he has to be in tune and active to encourage Congress to pass that long-term highway bill – and make sure it's well-funded." "[The secretary] recognizes that his role is to deliver that message especially to the Democrats in the House and the Senate, and encourage them to… Keep Reading
