Martin Marietta completed its acquisition of Lehigh Hanson’s West Region business, a deal the company publicized earlier this year.
Martin Marietta says it acquired the business for $2.3 billion in cash. The acquisition provides Martin Marietta with 17 active aggregate facilities, two cement plants and related distribution terminals, as well as downstream operations serving California and Arizona regions such as the Bay Area, Los Angeles, San Diego and Phoenix.
“We are pleased to complete the Lehigh West Region acquisition and welcome a talented group of new employees to the Martin Marietta team,” says Ward Nye, chairman, president and CEO of Martin Marietta. “These assets serve as a new growth platform for our continued geographic expansion and are uniquely positioned to benefit from favorable market dynamics and accelerating public and private construction activity in California and Arizona. We are confident in our ability to quickly realize the benefits of this transaction and deliver significant value creation for our shareholders, customers and employees following the same proven approach we took with our acquisitions of TXI and Bluegrass.”
