Martin Marietta Materials Inc. has completed the divestitures required pursuant to its agreement with the U.S. Department of Justice (DOJ) to resolve all competition issues with respect to Martin Marietta’s acquisition of Bluegrass Materials Co., which closed on April 27, 2018.
Martin Marietta sold its Forsyth aggregates quarry north of Atlanta, on April 27, and the Bluegrass Beaver Creek aggregates quarry in western Maryland on June 5, both for cash.
The company also announced it acquired CRH America’s (CRH) Mallard Sand & Gravel business in Omaha, Neb., on June 22. This business consists of sand and gravel operations and a permitted greenfield site and will add approximately 30 million tons of aggregates reserves.
CRH was required to divest these assets pursuant to its agreement with the Federal Trade Commission as part of its recent acquisition of Ash Grove Cement Co.
Commenting on the transactions, Ward Nye, chairman, president and CEO of Martin Marietta, stated, “We are pleased to conclude the DOJ’s Hart-Scott-Rodino process related to our acquisition of Bluegrass Materials. Additionally, we are delighted to augment our Midwest business with the addition of Mallard Sand & Gravel and to welcome those employees to our company. These endeavors, all entirely consistent with our strategic plan and capital allocation priorities, better position us to continue to deliver both near- and long-term enhanced shareholder value.”