Sources: Martin Marietta Materials Inc., Raleigh, N.C.; CP staff
Martin Marietta Materials has entered a definitive agreement to sell CalPortland Co. a group of California assets for $250 million: Redding cement plant and related distribution terminals plus 14 ready mixed concrete sites. Martin Marietta acquired the former Lehigh Hanson West Region properties in 2021 and signaled their likely sale in recent investor guidance.
The transaction would afford a far-northern California satellite to CalPortland’s Mojave and Oro Grande cement operations. The Glendora, Calif.-based producer acquired the latter in 2015 from Martin Marietta, which had inherited the mill the prior year in its Texas Industries takeover. The current deal would likewise extend CalPortland’s home state ready mixed concrete market footprint north, beyond the Los Angeles Basin.
Martin Marietta projects a closing on the deal in the second half of the year. It is continuing discussion with CalPortland on the potential sale of another California plant, Tehachapi, and related distribution terminals—all former Lehigh Hanson West assets.