WASHINGTON (dpa-AFX) - Martin Marietta Materials, Inc. (MLM) announced Monday that it has entered into a definitive agreement to combine with Lhoist North America, Inc., a subsidiary of Lhoist Group, for $13.5 billion in cash and shares of Martin Marietta common stock.
Lhoist North America is a leading producer of hi-calcium lime, dolomitic lime and industrial mineral products, serving a diversified set of end markets such as domestic steel manufacturing, infrastructure and heavy nonresidential construction, environmental and agricultural applications.
The combination of Martin Marietta and Lhoist NA will position Martin Marietta as the clear leader in lime and specialty mineral products. It will also deepen the Company's presence in Texas and the Southeast and enhance its ability to serve new and existing customers through the combined distribution terminal network.
The combination of Martin Marietta and LNA establishes a differentiated portfolio of aggregates, lime and specialty product solutions, enhancing our ability to serve large-scale and complex infrastructure and industrial mega-projects.
Martin Marietta expects to realize approximately $85 million in annual run-rate cost synergies, with additional potential upside from commercial and operational opportunities. The transaction is expected to be accretive to earnings and margins in the first full year following close.
The consideration will consist of $7.0 billion in cash (subject to customary adjustments) and shares of Martin Marietta common stock valued at $6.5 billion based on the volume-weighted average price per share over the 15 consecutive trading days prior to signing.
Upon closing, the Berghmans family is expected to own approximately 15% of Martin Marietta on a fully diluted basis and will have the right to appoint one director and one observer to Martin Marietta's Board of Directors.
The transaction is expected to close in the second half of 2026 subject to receipt of required regulatory approvals.
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