Sources: Martin Marietta Materials, Raleigh, N.C.; CP staff
Glendora, Calif.-based CalPortland Co. will build on cement production leadership (> 4 million tons, annual capacity) in its home state after entering a definitive agreement to acquire Martin Marietta Materials’ 1 million ton/year Tehachapi plant and companion terminals. Scheduled for an early-2023 closing, the $350 million transaction was announced six weeks after CalPortland relieved Martin Marietta of a Redding, Calif. cement mill, plus integrated terminals and 14 ready mixed concrete plants. Those assets and the Tehachapi package were part of the former Lehigh Hanson West Region, which Martin Marietta acquired in mid-2021. CalPortland first dealt with Martin Marietta on California cement assets in 2015, acquiring the Oro Grande plant, strategic to the Los Angeles Basin. Martin Marietta inherited that operation with the prior year’s Texas Industries Inc. takeover.