(RTTNews) - Martin Marietta Materials Inc. (MLM) agreed to acquire Lehigh Hanson Inc.'s West Region business for $2.3 billion in cash.
Lehigh West Region provides the company with a new upstream materials-led growth platform across several of the nation's largest and fastest growing megaregions in California and Arizona.
The acquisition includes 17 active aggregates quarries, two cement plants with related distribution terminals, and targeted downstream operations.
Martin Marietta expects the transaction to close in the second half of 2021 and to be accretive to earnings per share in the first full year following closing.
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