Martin Marietta Materials has entered into a definitive agreement to combine with quarrying and limestone business Lhoist North America (LNA) for US$13.5bn in cash and shares of Martin Marietta common stock.
Martin Marietta says the acquisition of LNA – from Belgium-based Lhoist Group – immediately makes it the leading US national producer of lime solutions. The transaction is expected to complete in the second half of 2026, subject to regulatory approvals.
Lhoist North America is a leading producer of hi-calcium lime, dolomitic lime and industrial mineral products, serving a diversified set of end markets such as domestic steel manufacturing, infrastructure and heavy non-residential construction, environmental and agricultural applications. In addition, its products are critical inputs supporting reindustrialization and related development across North America.
LNA operates a network of 20 quarries and production facilities and 45 distribution terminals, generating US$1.8bn in gross sales and US$786m of adjusted EBITDA for the twelve months ended December 31, 2025. LNA is anchored by more than 2 billion tons of high-quality limestone reserves, strategically positioned in high-growth, Sun Belt metropolitan corridors. This reserve base of over 200 years of useful life represents one of the most significant and strategically advantaged limestone positions in North America.
Ward Nye, chair, president and CEO of Martin Marietta, stated: “This transaction represents another transformational milestone for Martin Marietta and directly advances our SOAR 2030 objective to expand our complementary, upstream Specialties segment in lime and other industrial minerals. It builds on our core quarrying competency, expands our geographic footprint and immediately establishes Martin Marietta as the leading national producer of lime solutions. As the United States continues to invest in infrastructure, advanced manufacturing, energy development and industrial expansion, demand for high-quality lime products is expected to remain resilient for decades to come.
“With long-lived limestone reserves, a complementary distribution network, and an attractive financial profile, the LNA business strengthens our portfolio, enhances our ability to serve both new and existing customers, and deepens our role in providing the critical materials necessary to build our nation’s infrastructure, manufacturing and industrial base. Importantly, it reinforces our ability to deliver consistent, through-cycle performance and long-term value creation.”
Baron Berghmans, chairman of Lhoist Group, said: “For more than a century, our family has built Lhoist into a global leader by safeguarding world-class limestone reserves and serving our customers with discipline, quality and care. In Martin Marietta, we have found a partner who shares these values, honors the legacy we have carefully built and ensures it will endure for generations to come.”
Martin Marietta says its combination with LNA will position Martin Marietta as the clear leader in lime and specialty mineral products, supported by a compelling set of strategic and financial drivers:
- Irreplicable upstream materials platform supported by significant reserve scarcity value and positioned for through-cycle, profitable growth. The addition of more than 200 years of high-quality limestone reserves, together with combined mining expertise, enhances our strategic optionality and positions us to maximize the value of an extensive portfolio of hi-calcium, dolomitic lime and industrial mineral products.
- Highly complementary footprint in key Southeast and Southwest geographies. LNA’s assets are located across key Sun Belt metropolitan areas, complementing the high-growth corridors that are central to Martin Marietta’s long-term growth strategy. The transaction will deepen the Company’s presence in Texas and the Southeast and enhance its ability to serve new and existing customers through the combined distribution terminal network.
- Provides a differentiated product offering and attractive exposure to high-growth end markets. The combination of Martin Marietta and LNA establishes a differentiated portfolio of aggregates, lime and specialty product solutions, enhancing our ability to serve large-scale and complex infrastructure and industrial mega-projects, including highways, data centers, semiconductor fabrication and LNG facilities.
- Accretive to margins and earnings per share with multiple levers for value creation and substantial cash flow generation. Martin Marietta expects to realize approximately US$85m in annual run-rate cost synergies, with additional potential upside from commercial and operational opportunities. The transaction is expected to be accretive to earnings and margins in the first full year following close.
