Martin Marietta has completed the acquisition of Lehigh Hanson's West Region business as part of a $2.3 billion deal.
The acquisition provides the company with 17 active aggregates facilities, two cement plants and related distribution terminals, and targeted downstream operations serving key California and Arizona regions including the Bay Area, Los Angeles, San Diego and Phoenix.
Martin MariettaCEO Ward Nye says: “We are pleased to complete theLehighWest Region acquisition and welcome a talented group of new employees to the Martin Marietta team. These assets serve as a new growth platform for our continued geographic expansion and are uniquely positioned to benefit from favourable market dynamics and accelerating public and private construction activity in California and Arizona. We are confident in our ability to quickly realise the benefits of this transaction and deliver significant value creation for our shareholders, customers and employees following the same proven approach we took with our acquisitions of TXI and Bluegrass.”
