Sources: Martin Marietta Materials Inc., Raleigh, N.C.; CP staff
Days after unloading its integrated Texas cement and ready mixed concrete operations in a $2.1 billion cash transaction with CRH Americas Materials, Martin Marietta Materials has entered a definitive agreement to acquire 20 crushed stone and sand & gravel plants from Blue Water Industries LLC, Jacksonville, Fla. The $2.05 billion transaction spans Alabama, South Carolina, Florida, Tennessee, and Virginia sites. Financed with balance sheet cash, it is expected to close later this year.
“The Bluewater Industries acquisition complements our existing geographic footprint in the dynamic Southeast region by allowing us to expand into new growth platforms in target markets, including Nashville and Miami,” says Martin Marietta CEO Ward Nye. “Combined with the recent acquisition of Albert Frei & Sons in Colorado, these two pure-play aggregates transactions provide approximately 1 billion tons of proven, high-quality reserves and are expected to generate more than $180 million of annualized EBITDA.”