Posted: 1-10-2024
San Antonio (Bexar County) — An international building material company will expand its operations in Texas to the tune of $2.1 billion.
CRH plc, whose headquarters is in Dublin, Ireland, has announced that it has reached an agreement to acquire a portfolio of cement and ready mixed concrete assets in Texas from Martin Marietta Materials, Inc.
The assets comprise the city cement plant Hunter Cement Plant in New Braunfels, a network of terminals along the eastern gulf coast of Texas and a portfolio of 20 ready mixed concrete plants with annual shipments of 1.6 million cubic yards serving the Austin and San Antonio markets.
Martin Marietta Materials’ originally purchased the Texas cement plants in 2014 when it acquired Texas Industries (TXI).
Albert Manifold, chief executive of CRH, said: “The acquisition of these high-quality assets further strengthens our market leading position in Texas and increases our exposure to attractive, high-growth markets. Our ability to leverage our cement expertise and technical capabilities will enable us to enhance and optimize our existing footprint in Texas, resulting in significant synergies and self-supply opportunities. This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders. We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market.”
The proposed transaction is subject to regulatory approval and is expected to complete in the first half of 2024.
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Edited from news release.
