Martin Marietta Acquires Texas Industries for $3 Billion
Martin Marietta Materials, Inc. (NYSE: MLM) announced Wednesday morning that it has completed its acquisition of Dallas-based Texas Industries, Inc. (NYSE: TXI), a deal valued at approximately $3 billion.
The all-stock deal creates a leading supplier of aggregate products and heavy building materials with a market cap of approximately $8.8 billion, based on Tuesday’s closing stock price. It also provides assets in cement and ready mix concrete coupled with the company’s long-haul transportation network.
Ward Nye, Martin Marietta’s chairman, president and CEO says the acquisition will serve as a launching point for expanding its geographic footprint into higher end markets.