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Martin Marietta Acquires Texas Industries for $3 Billion

Posted on 7/2/2014 by with 0 comments

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.

The exchange rate is 0.7 shares for every share of TXI, says Anne Lloyd, executive vice president and chief financial officer for Martin Marietta.

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.

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