Sources: Martin Marietta Materials Inc., Raleigh, N.C.; CP staff
Martin Marietta has closed on Bluegrass Materials Co. in a $1.65-billion cash transaction, underscoring an aggregates portfolio addition of 125-plus years of high-quality reserves across Georgia, South Carolina, Maryland, Kentucky and Tennessee. Management projects annual savings from synergies of assimilated operations, including 23 active sites, upward of $15 million.
“The acquisition, wholly consistent with our long-term strategic growth plan, enhances our aggregates-led position in high-growth Southeastern and Mid-Atlantic regions and expands our product offerings to both new and existing customers,” says Martin Marietta Chairman Ward Nye. “Bluegrass’ strategic assets and impressive cost profile, combined with the depth and excellence of its personnel, strengthen our ability to deliver significant value for shareholders, customers and employees.”
Martin Marietta has reached an agreement with the U.S. Department of Justice calling for divestment of its Forsyth quarry north of Atlanta and Bluegrass’ Beaver Creek quarry in western Maryland. Sale of those operations resolves competition concerns and anchors a Justice Antitrust Division proposal to the U.S. District Court for the District of Columbia.