Posted on April 10, 2024
RALEIGH, N.C., April 08, 2024 (GLOBE NEWSWIRE) — Martin Marietta Materials, Inc. (NYSE: MLM) (Martin Marietta or the Company) today announced that, on April 5, 2024, it completed its previously announced acquisition of 20 active aggregates operations in Alabama, South Carolina, South Florida, Tennessee, and Virginia from affiliates of Blue Water Industries LLC (BWI Southeast) for $2.05 billion in cash. This portfolio optimizing transaction improves the Company’s product mix, margin profile and durability through economic cycles by adding another pure aggregates business to its already aggregates-led portfolio.
Ward Nye, Chairman, President and CEO of Martin Marietta stated, “The BWI Southeast acquisition naturally complements Martin Marietta’s existing geographic footprint in the dynamic southeast region by allowing us to expand into new growth platforms in SOAR-specific target markets including Nashville and Miami. Combined with the recent acquisition of Albert Frei & Sons, Inc. in Colorado, these two pure-play aggregates transactions provide approximately 1 billion tons of proven, high-quality reserves and are expected to generate more than $180 million of annualized EBITDA.”
Martin Marietta will host its first-quarter 2024 earnings conference call on Tuesday, April 30, 2024, at 10:00 a.m. Eastern Time. The Company will release results for the quarter ended March 31, 2024, and its revised full year 2024 Adjusted EBITDA guidance inclusive of the BWI Southeast acquisition that morning before the market opens.
A live, listen-only webcast and supplemental information will be accessible on the Investors section of the Company’s website at www.martinmarietta.com. The conference call may also be accessed by dialing +1 (206) 962-3782 and using conference ID 60922384. Please dial in at least 15 minutes in advance to ensure a timely connection to the call. An on-demand replay will be available on the Company’s website approximately two hours following the conclusion of the live broadcast and will be available for one year.
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.
