May 3, 2022 – Martin Marietta Materials consolidated revenues crossed the billion-dollar mark in the first quarter of this year, according to its just-released report. Now that is a great start to the year, increased costs notwithstanding. The company also reiterated these “portfolio optimization” efforts that were recently reported. On March 1, the company announced a definitive agreement to sell its Redding cement plant, related cement distribution terminals and 14 California-based ready mixed concrete plants to CalPortland Co. The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions. The parties also entered into preferred arrangements regarding the potential sale of the company’s Tehachapi cement plant and related cement distribution terminals. As of Oct. 1, 2021, these cement and ready mixed concrete businesses were classified as assets held for sale on the company’s consolidated balance sheet; the associated financial results continue to be reported as discontinued operations on the consolidated statement of earnings. On April 1, the company sold its Colorado and Central Texas ready mixed concrete operations. These businesses are classified as assets held for sale as of March 31.
Martin Marietta Update
