Martin Marietta to purchase HeidelbergCement’s western U.S. belongings for $2.3 billion By Reuters
© Reuters. FILE PHOTO: A specialist dealer works on the put up the place Martin Marietta Supplies is traded on the ground of the New York Inventory Change (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid
(Reuters) -Building supplies provider Martin Marietta Supplies Inc (NYSE:) mentioned on Monday it can purchase HeidelbergCement (DE:) AG’s belongings in California and Arizona for $2.3 billion.
The all-cash deal seeks to capitalise on state infrastructure investments and private-sector development within the two U.S. states.
The Raleigh, North Carolina-based firm mentioned it entered an settlement with HeidelbergCement’s U.S. affiliate, Lehigh Hanson Inc, to purchase belongings together with 17 lively aggregates quarries and two cement crops.
The deal is anticipated to shut within the second half of this yr and will likely be accretive to earnings per share within the first full yr following closing, Martin Marietta mentioned.
German vendor Heidelberg mentioned it might deal with different areas in North America the place it has the strongest market positions, and that the divestment was a part of a strategic push to elevate revenue margins.
HeidelbergCement advised Reuters in February it recognized 5 belongings to promote, in a evaluation of its enterprise.
The group, which is lively in Europe, Asia and the Americas, has previously mentioned its North American enterprise was underperforming, main it to launch a margin enchancment plan.
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Airbus executive says output goal based on jet deals By Reuters
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