Martin Marietta Materials Inc. has entered into a definitive agreement to sell its Colorado and Central Texas ready mixed concrete operations to Smyrna Ready Mix Concrete LLC.
Ward Nye, chairman, president and CEO of Martin Marietta, stated, “As we have previously stated and consistent with our Strategic Operating Analysis and Review (SOAR) 2025 objectives, we look for opportunities to optimize our aggregates-led portfolio and maximize value for our shareholders. Proceeds from this divestiture will be used to advance our longstanding capital allocation priorities, which are focused on value-enhancing acquisitions, prudent organic investments, and returning cash to shareholders through both a meaningful and sustainable dividend and our share repurchase program.”
The transaction is expected to close on March 31, subject to regulatory approvals and other customary closing conditions. Further transaction details will be provided during Martin Marietta’s first-quarter 2022 earnings conference call.
SRM recently announced the acquisition of Pyles Transport Inc., which specializes in the transportation of dry bulk materials such as cement, fly ash, and lime. This acquisition will allow SRM Concrete to further control the logistics involved in the production of ready mixed concrete.
CEO Jeff Hollingshead stated, “We are excited to acquire Pyles Transport. With their distribution network and experienced operators, we will be able to better serve our customers.”
SRM Concrete is the largest privately-owned ready mixed concrete manufacturer in the country. Established in 1999 by Mike and Melissa Hollingshead in Smyrna, Tenn., the family-owned company owns and operates an expansive network of ready mixed concrete plants, quarries, cement terminals and other ancillary services. SRM Concrete focuses on providing building material services across the commercial and residential construction segments.
SRM Concrete has pursued an active acquisition strategy, having successfully acquired and integrated more than 60 companies since 2005. SRM currently has more than 4,000 employees with locations that span13 states.