PRODUCERS – MAY 2019

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With 30-plus ready mixed plants in Mississippi, Alabama, Louisiana and Tennessee, Jackson, Miss.-based Delta Industries has outlined a transition plan for retiring President and Chief Executive Officer Dave Robison, naming as his successor Executive Vice President and Chief Operating Officer J. Thomas Evans, Jr. Robison has been with Delta for 47 years, 25 at the helm, and chaired the National Ready Mixed Concrete Association in 2012. Evans has held his present roles for 25 years as well; his responsibilities are being split with the appointment of Lance Bonner as executive vice president and chief financial officer, and Lester Howell as senior vice president and chief operating officer.

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TXI, heritage business performance deepen Wall Street confidence in Martin Marietta

Sources: Martin Marietta Materials Inc., Raleigh, N.C.; CP staff

Year-over-year sales and profit gains, bolstered by core aggregate operations’ higher shipments and pricing conditions, plus better than anticipated Texas Industries merger results, have Martin Marietta enjoying investor confidence approximating pre-recession levels.

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Big Steel gives way to Bigger Aggregate on major Wall Street index

Sources: CP staff; S&P Dow Jones Indices LLC, New York City

Martin Marietta Materials Inc. will gain elevated stature on Wall Street as it absorbs Texas Industries Inc., and switches spots from the Standard & Poors MidCap 400 to S&P 500 Index with one of the 20th century’s corporate icons, United States Steel Corp.—a past cement (Universal Atlas) and aggregate (Presque Isle, Mich., mega-quarry) operator in its own right.

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MARTIN MARIETTA MATERIALS CONSOLIDATES ROLES FOR NYE UPON ZELNAK RETIREMENT

Stephen P. Zelnak Jr. retired from Martin Marietta Materials’

Longtime Chairman of the Board Stephen P. Zelnak Jr. retired following Martin Marietta Materials’ annual shareholders meeting late last month, but remains a director. President and CEO C. Howard (Ward) Nye assumes the chairman’s post, completing a seamless and orderly succession process.

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Martin Marietta, TXI to take merger proposal to shareholders at month’s end

Sources: Martin Marietta Materials, Raleigh, N.C.; CP staff

Martin Marietta and Texas Industries have scheduled special shareholders meetings the morning of June 30 to consummate a merger agreement their boards unanimously approved in January. In Dallas, TXI shareholders will vote on a merger proposal netting .70 share of newly issued Martin Marietta stock for each TXI share. An hour later in North Carolina, Martin Marietta will seek approval to issue the additional shares.

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To reap efficiency or sow fragmentation

Impending ownership changes of two concrete and cement businesses, one each side of the Atlantic, remind us how reasonably regulated free markets overwhelmingly trump those hamstrung by heavy-handed government agencies. Consider the investor-sanctioned Martin Marietta Materials–Texas Industries merger versus the British government-ordered creation of a portland cement, GGBF slag and ready mixed producer from the sale of existing players’ assets. The driving forces behind the transactions are the embrace or rejection of realities of a market rewarding efficiency versus fragmentation.

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Martin Marietta Materials + Texas Industries

Martin Marietta Materials, Inc. and Texas Industries, Inc. announced in late January their boards’ unanimous approval of a definitive merger agreement under which Martin Marietta will acquire all outstanding shares of TXI common stock in a tax-free, stock-for-stock transaction. Based at existing Raleigh, N.C., headquarters and operating under the Martin Marietta Materials, Inc. banner, the combined entity will create a market-leading supplier of aggregates and heavy building materials, with low-cost, vertically integrated aggregate and targeted cement operations.

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Martin Marietta strategy chief to lead Texas Industries integration

Sources: Martin Marietta Materials Inc., Raleigh, N.C.; CP staff

In an upbeat, company-wide memo, Martin Marietta CEO Ward Nye underscores positive market, investor and employee response to the Texas Industries merger announcement three weeks prior, noting that “all remains on schedule for a targeted closing sometime this summer.”

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Argos Proceeds On Cemex-Blazed Trail

Merger and acquisition activity is off to a rapid clip in 2014, as a second year of broad-based housing starts kicks in, construction materials production assets recover from recession-skewed valuations, and major domestic and international operators stake claim to new markets, or rethink their scope.

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