Use a Test of Support to Be a Buyer of Martin Marietta Materials Shares of the aggregates supplier could pull back near term and set up an opportunity for big gains later in the year. Stocks quotes in this article: MLM
Nye said 70% of all aggregate usage stems from what Martin Marietta has identified as mega regions within the U.S. That s why its recently announced acquisition of Heidelberg Cement s assets in California for $2.3 billion is so valuable.
Outside of California, Nye noted that demand remains strong for everything from warehouses to data centers along many of the nation s largest highways, including I-95 in the East.
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Martin Marietta to buy HeidelbergCement s western U.S. assets for $2.3 billion Reuters 1 hr ago © Reuters/Brendan McDermid A specialist trader works at the post where Martin Marietta Materials is traded on the floor of the NYSE
(Reuters) - Construction materials supplier Martin Marietta Materials Inc said on Monday it will buy Germany-based HeidelbergCement AG s assets in California and Arizona for $2.3 billion in cash.
The Raleigh, North Carolina-based company said it entered an agreement with HeidelbergCement s U.S. affiliate, Lehigh Hanson Inc, to buy assets including 17 active aggregates quarries and two cement plants.
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As part of its portfolio optimisation and margin improvement programme in its North American business, HeidelbergCement has signed an agreement to sell its business activities in the U.S. West region to the U.S. based company Martin Marietta Materials, Inc. The sale price is US$2.3 billion in cash.
“The sale of our U.S. West region activities is a major step in our portfolio optimisation as part of our ‘Beyond 2020’ strategy,” said Dr. Dominik von Achten, Chairman of the Managing Board of HeidelbergCement. “We are simplifying our portfolio in North America and prioritising the strongest market positions. Our engagement for the North American market is stronger than ever.” Chris Ward, President & CEO of Lehigh Hanson, Inc. reiterated HeidelbergCement’s high commitment for future growth in North America by saying: “We will accelerate the build-out of our positions in the four key regions Canada, Midwest, Northeast and South through selected bolt-on acqui
Financial strategy and capital allocation.
This isn t the first optimization for HeidelbergCement. In early May, the company sold its Greek aggregate business and two ready-mixed concrete plans to the Swiss LafargeHolcim group. The sale price was not disclosed.
Furthering the news, Chris Ward, President & CEO of Lehigh Hanson, Inc. reiterated Heidelberg Cement’s high commitment for future growth in North America by saying: “We will accelerate the build-out of our positions in the four key regions Canada, Midwest, Northeast, and South through selected bolt-on acquitisions and capacity expansion projects in the future.”
The transaction comprises the sale of Lehigh Hanson’s business activities in cement, aggregates, ready-mixed concrete, and asphalt in the states of California, Arizona, Oregon, and Nevada. The Permanente cement plant and quarry is the only exception. The sale includes two cement production plants with related distribution terminals, 17 active aggregates sit
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