Martin Marietta to Sell Certain West Coast Cement and Ready Mixed Concrete Operations to CalPortland
01 Marzo 2022 - 12:55PM
Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or
the “Company”) today announced that it has entered into a
definitive agreement to sell certain West Coast cement and ready
mixed concrete operations to CalPortland Company for $250 million
in cash. The operations include the Redding cement plant, related
cement distribution terminals and 14 ready-mixed concrete plants
located in California.
Ward Nye, Chairman, President and CEO of Martin
Marietta, stated, “Consistent with our SOAR (Strategic Operating
Analysis and Review) 2025 plan, we continually look for ways to
optimize our portfolio and product mix through asset swaps and
divestitures. After thoughtful evaluation, we determined that
monetization of these operations is the best avenue to maximize
value for all stakeholders.”
The transaction is expected to close in the
second half of 2022, subject to regulatory approvals and other
customary closing conditions.
The parties have also entered into preferred
arrangements regarding the potential sale of the Company’s
Tehachapi cement plant and related cement distribution terminals.
However, there is no assurance that an agreement for Tehachapi will
be entered into.
About Martin Marietta
Martin Marietta, a member of the S&P 500
Index, is an American-based company and a leading supplier of
building materials, including aggregates, cement, ready mixed
concrete and asphalt. Through a network of operations spanning 28
states, Canada and The Bahamas, dedicated Martin Marietta teams
supply the resources for building the solid foundations on which
our communities thrive. Martin Marietta’s Magnesia Specialties
business produces high-purity magnesia and dolomitic lime products
used worldwide in environmental, industrial, agricultural and
specialty applications. For more information, visit
www.martinmarietta.com or www.magnesiaspecialties.com.
About CalPortland Company
CalPortland Company is a major producer of
cement, ready mixed concrete, aggregates, concrete products and
asphalt in the western United States and Canada. Founded in 1891
with the principle of providing unsurpassed quality, CalPortland
remains a leader in the industry through its commitment to quality,
customer service, technical support and environmental leadership.
The company maintains its headquarters in Glendora, California and
operates in the Western U.S. and two Canadian Provinces. For more
information about CalPortland Company, visit
www.calportland.com.
Investor Contact: Suzanne
OsbergVice President, Investor Relations (919)
783-4691Suzanne.Osberg@martinmarietta.com
MLM-G
This release contains statements which
constitute forward-looking statements within the meaning of federal
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income and cash flows, performance, economic trends, the outcome of
litigation, regulatory compliance and environmental remediation
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publications may turn out to be wrong.
You should consider these forward-looking
statements in light of risk factors discussed in Martin Marietta’s
Annual Report on Form 10-K for the year ended December 31, 2021,
Martin Marietta’s Quarterly Reports on Form 10-Q for the quarters
ended March 31, 2021, June 30, 2021, and September 30, 2021 and
other periodic filings made with the SEC. All of the Company’s
forward-looking statements should be considered in light of these
factors. In addition, other risks and uncertainties not presently
known to the Company or that it considers immaterial could affect
the accuracy of its forward-looking statements, or adversely affect
or be material to the Company. Except as required by law, the
Company undertakes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release.
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