Martin Marietta To Sell Certain West Coast Cement, Ready Mixed Concrete Operations For $250M Cash

Martin Marietta Materials, Inc. MLM has agreed to sell certain West Coast cement and ready mixed concrete operations to CalPortland Company for $250 million in cash.
The operations include the Redding cement plant, related cement distribution terminals, and 14 ready-mixed concrete plants in California.
The transaction is expected to close in the second half of 2022.
The parties also entered into preferred arrangements regarding the potential sale of the company's Tehachapi cement plant and related cement distribution terminals.
Price Action: MLM shares closed lower by 1.48% at $379.40 on Monday.

Overview Rating:

Good

0100