Martin Marietta Announces Acquisition of Aggregates Operations From Affiliates of Blue Water Industries LLC

Martin Marietta Materials, Inc. (Martin Marietta or the Company) announced that on February 11, 2024, it entered into a definitive agreement to acquire 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. Additionally, on February 9, 2024, the Company completed its previously announced divesture of its South Texas cement and related concrete operations to CRH Americas Materials, Inc., a subsidiary of CRH plc, for $2.1 billion in cash.

Together, these portfolio optimizing transactions not only improve the Company’s product mix, margin profile and durability through cycles, but also provide balance sheet flexibility for future acquisitive and organic growth.

Ward Nye, Chairman, President and CEO of Martin Marietta stated, “These transactions are wholly consistent with the Company’s SOAR (Strategic Operating Analysis and Review) 2025 aggregates-led product strategy. Importantly, the BWI Southeast acquisition 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.”

The BWI Southeast transaction will be financed with balance sheet cash and is expected to close later this year, subject to regulatory approvals and other customary closing conditions.

Further details on these transactions as well as Martin Marietta’s full year results and overall 2024 outlook will be provided on the Company’s fourth-quarter and full-year 2023 earnings call on Wednesday, February 14, 2024 at 10:00 a.m. Eastern Time.

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.

Contact:

Jacklyn Rooker – Investor Contact – jacklyn.rooker@martinmarietta.com – (919) 510-4736

Source: Martin Marietta Materials, Inc.