Martin Marietta Completes Divestiture of Colorado and Central Texas Ready Mixed Concrete Operations

Rhea-AI Summary

On April 1, 2022, Martin Marietta Materials (NYSE: MLM) announced the completion of its divestiture of ready mixed concrete operations in Colorado and Central Texas to Smyrna Ready Mix Concrete LLC. This strategic move aligns with the company's capital allocation priorities, aimed at enhancing shareholder value. Chairman and CEO Ward Nye expressed gratitude for the workforce's contributions, marking the sale as a key step in the company's overall strategic plan. Martin Marietta remains a leading supplier of building materials across North America.

Positive

• Completed divestiture of non-core operations to Smyrna Ready Mix Concrete LLC, aligning with strategic capital allocation priorities.
• Potential for enhanced shareholder value through the use of proceeds from the sale.

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• None.

RALEIGH, N.C., April 01, 2022 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE: MLM) (“Martin Marietta” or the “Company”) today announced that it has completed the previously-announced divestiture of its Colorado and Central Texas ready mixed concrete operations to Smyrna Ready Mix Concrete LLC.

Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “We are grateful to the skilled workforce at these operations for their contributions to Martin Marietta. As previously indicated, the sale of these downstream assets is consistent with our strategic plan, and we expect the proceeds to be used in a manner that is aligned with our clearly articulated capital allocation priorities that will put us in a position to continue to deliver both near- and long-term enhanced shareholder value.”

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.

Investor Contact:
Suzanne Osberg
Vice President, Investor Relations
(919) 783-4691
Suzanne.Osberg@martinmarietta.com

MLM-G

FAQ

What is the recent news about Martin Marietta (MLM)?

Martin Marietta announced the successful completion of its divestiture of Colorado and Central Texas ready mixed concrete operations to Smyrna Ready Mix Concrete LLC.

Why did Martin Marietta divest its concrete operations?

The divestiture aligns with Martin Marietta's strategic plan and capital allocation priorities to enhance shareholder value.

Who acquired Martin Marietta's concrete operations?

Smyrna Ready Mix Concrete LLC acquired the Colorado and Central Texas ready mixed concrete operations from Martin Marietta.

What is Martin Marietta's strategy after the divestiture?

The company's strategy post-divestiture focuses on utilizing the proceeds in a manner that enhances shareholder value.

When was the divestiture of Martin Marietta's operations completed?

The divestiture was completed on April 1, 2022.