Sources: Martin Marietta Materials, Raleigh, N.C.; CP staff
The acquisition of two Colorado operators has positioned Martin Marietta to grow its Front Range stone, sand & gravel, concrete and asphalt production workforce by about 400 and strengthen a long-term stake in the state’s southern market— owing to a gain of nearly 1 billion tons of aggregate reserves accompanying the deals.
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Governor Rick Scott has announced five appointments—one new member, four incumbents, all for terms running through June 2018—to the Florida Concrete Masonry Education Council (FCMEC), an organization authorized by Sunshine State lawmakers and funded by a voluntary check-off program among major and independent block producers.
With stakes in some of the strongest cement, concrete and aggregate markets, the industry’s top bellwether operators sent investors parallel messages on year-to-date financial performance: Heavy spring rains, especially in Texas, had limited effect on overall sales and profitability improvements compared to the first six months of 2014. Upbeat second quarter 2015 earning reports, plus solid sales, pricing and profit projections, sent Martin Marietta Materials and Vulcan Materials stock toward all-time and eight-year highs, respectively.
Sources: Taiheiyo Cement Corp., Tokyo; Martin Marietta Materials, Raleigh, N.C.; CP staff
A $420 million asset deal with Martin Marietta, anchored by the former TXI Oro Grande plant, will enable Glendora, Calif.-based CalPortland Co. to replace capacity from its idled Colton mill—about 35 miles south—and strengthen a home state, integrated cement and concrete platform. Coupled with Stockton and San Diego terminals, the plant will contribute to what CalPortland parent Taiheiyo Cement reports is “a steady improvement in sales volume and profit in [the] Group’s U.S. operations.”
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The industry entered 2014 with limited tailwind. Last year’s cement shipments and concrete output fell a few points from 2012, and prolonged, catastrophic winter weather hampered construction through the end of March. Before the snow melted, a) good market indicators supporting overdue plant and fleet investment were evident; b) one global and two domestic transactions surfaced, altering the top U.S. and Canadian concrete, cement and aggregate producer ranks; c) ready mixed and manufactured-concrete producers embraced new protocols for the LEED v4 era of green building; and, d) mobile device-suited information technology offerings surfaced, inviting the use of big data analytics to lower concrete production and delivery costs.
Read MoreSources: Martin Marietta Materials, Inc.; CP staff
Results from the first financial reporting period to follow the Martin Marietta–Texas Industries Inc. merger, consummated July 1, underscore the potential that three strategic cement and 100-plus ready mixed operations afford the industry’s second largest aggregate producer. Martin Marietta reports third quarter sales of $918 million, existing or heritage businesses accounting for $644 million—a 7.3 percent gain over 2013 Q3 figures.
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.
Read MoreSources: Lafarge Group, Paris; Bluegrass Materials, Jacksonville, Fla.; CP staff
Lafarge North America’s pull back from key U.S. positions continues with the planned sale of Baltimore and western Maryland aggregates businesses to a four-year-old company backed by members of Florida Rock Industries’ founding family.
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