Martin Marietta Materials is to sell certain West Coast cement and ready mixed concrete operations to CalPortland for $250 million.
The transaction is expected to close in the second half of 2022 (© Casimirokt | Dreamstime.com)
The operations include the Redding cement plant, related cement distribution terminals and 14 ready-mixed concrete plants located in California.
Martin president Ward Nye says: “Consistent with our SOAR (Strategic Operating Analysis and Review) 2025 plan, we continually look for ways to optimise our portfolio and product mix through asset swaps and divestitures. After thoughtful evaluation, we determined that monetisation of these operations is the best avenue to maximise value for all stakeholders.”
The transaction is expected to close in the second half of 2022, subject to regulatory approvals and other customary closing conditions.
