CRH To Acquire $2.1B Materials in Texas From Martin Marietta Materials

CRH To Acquire $2.1B Materials in Texas From Martin Marietta Materials

CRH, the provider of building materials solutions, has reached an agreement to acquire an attractive portfolio of cement and readymixed concrete assets in Texas from Martin Marietta Materials, for a total consideration of $2.1 billion.

The combined portfolio of assets is expected to generate pro-forma 2023 EBITDA of approximately $170 million.

The Assets comprise a 2.1mt capacity cement plant located between San Antonio and Austin, a network of terminals along the eastern gulf coast of Texas and a portfolio of 20 readymixed concrete plants with annual shipments of c.1.6m cubic yards serving the Austin and San Antonio markets.

“The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, highgrowth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimize our existing footprint in Texas, resulting in significant synergies and selfsupply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe. there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market.”
said Albert Manifold, Chief Executive of CRH.

The proposed transaction is subject to regulatory approval and is expected to complete in H1 2024.

Source: CRH