CRH finalises US$2.1bn Martin Marietta Materials' Texas assets acquisition

CRH has finalised its US$2.1 billion acquisition of Martin Marietta Materials' Texas, USA, cement and ready-mixed concrete assets.
Quarry Products / February 12, 2024
By Guy Woodford
CRH CEO Albert Manifold. Pic: CRH

The deal, first announced on 21 November 2023, includes a 2.1 million tonnes capacity cement plant between San Antonio and Austin, a network of terminals along the Eastern Gulf Coast of Texas and a portfolio of 20 ready-mixed concrete plants with annual shipments of around 1.6 million cubic yards serving the Austin and San Antonio markets.

The combined portfolio of assets was expected to generate pro-forma 2023 EBITDA of around $170 million.

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Martin Marietta's Texas assets portfolio sold to CRH includes a 2.1 million tonnes capacity cement plant, a network of terminals along Texas's Eastern Gulf Coast and 20 ready-mixed concrete plants. Pic: Martin Marietta Materials


Speaking after the initial announcement of the transaction, Albert Manifold, chief executive of CRH, said: "The acquisition of these high-quality assets further strengthens our market-leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimise our existing footprint in Texas, resulting in significant synergies and self-supply opportunities.

"This transaction reflects our disciplined approach to capital allocation and our commitment to further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market."

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