RALEIGH, N.C., April 30, 2018 (GLOBE NEWSWIRE) -- Martin Marietta Materials, Inc. (NYSE:MLM) today announced that it successfully completed its previously announced acquisition of Bluegrass Materials Company, the largest privately-held, pure-play aggregates company in the United States, for $1.625 billion in cash. The transaction, which closed on April 27, 2018, provides a portfolio of more than 125 years of strategically-located, high-quality reserves across Georgia, South Carolina, Maryland, Kentucky and Tennessee.

Ward Nye, Chairman, President and CEO of Martin Marietta, stated, “We are pleased to complete the Bluegrass acquisition and welcome a talented group of new employees to the Martin Marietta team. The acquisition, wholly consistent with our long-term strategic growth plan, enhances our aggregates-led position in high-growth southeastern and Mid-Atlantic regions and expands our product offerings to both new and existing customers. Bluegrass’ strategic assets and impressive cost profile, combined with the depth and excellence of its personnel, strengthen our ability to deliver significant value for shareholders, customers and employees.”

Martin Marietta also announced that it has reached an agreement with the U.S. Department of Justice (DOJ), which has been submitted to the United States District Court for the District of Columbia as a proposed court order. The agreement, embodied in the proposed order, resolves all competition issues with respect to the acquisition. Under the terms of the agreement with the DOJ, Martin Marietta divested its Forsyth aggregates quarry north of Atlanta, Georgia, and will divest Bluegrass’ Beaver Creek aggregates quarry in western Maryland.

Martin Marietta expects to realize annual synergies of approximately $15 million within twelve months of the transaction’s close date. Excluding acquisition-related expenses, the acquisition is also expected to be accretive to earnings per share and cash flow within the first full year of ownership. Integration of the acquired business is underway and proceeding as planned.

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 27 states, Canada and The Bahamas, dedicated Martin Marietta teams supply the resources necessary for building the solid foundations on which our communities thrive. Martin Marietta's Magnesia Specialties business provides a full range of magnesium oxide, magnesium hydroxide and dolomitic lime products. For more information, visit www.martinmarietta.com or www.magnesiaspecialties.com.