Texas Industries Said to Reach Deal for Sale to Martin Marietta
2014-01-27 21:02:26.411 GMT
By Aaron Kirchfeld, David Welch and Thomas Black
Jan. 27 (Bloomberg) -- Texas Industries Inc. has agreed to
a sale to Martin Marietta Materials Inc., the U.S.’s second-
largest producer of sand, gravel and crushed rock used in
construction, a person with knowledge of the matter said.
A merger of the two companies could be announced as early
as today, said the person, who asked not to be named because the
information is private. The deal is likely to be an all-stock
transaction, one person familiar with the matter said last week.
Texas Industries, which is based in Dallas, has a market
value of about $2 billion and Raleigh, North Carolina-based
Martin Marietta is currently worth almost $5 billion. Officials
at both companies didn’t immediately reply to requests for
comment by telephone and e-mail.
Texas Industries’ strength in California and its home state
would give Martin Marietta an entry into the cement market amid
a U.S. construction rebound. The crushed stone, gravel and sand
that Martin Marietta already produces, known as aggregates, are
mixed with cement to produce concrete. In 2013, builders began
work on 923,400 homes, an increase of 18 percent from the prior
year and the most since 2007.
For Related News and Information:
Texas Industries Said to Explore Sale Amid Building Rebound
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Manufacturing Growth to Help Propel U.S. Expansion: Economy
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Sales of New Homes in U.S. Rebound From More Than One-Year Low
NSN NSN MXAIM10YHQ0X <GO>
U.S. housing and mortgage data: HSST <GO>
Economic statistics: ECST <GO>
Top Stories: TOP <GO>
--Editors: Mohammed Hadi, Elizabeth Wollman
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
David Welch in New York at +1-212-617-2788 or
dwelch12@bloomberg.net;
Thomas Black in Dallas at +1-214-954-9458 or
tblack@bloomberg.net
To contact the editors responsible for this story:
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net
2014-01-27 21:02:26.411 GMT
By Aaron Kirchfeld, David Welch and Thomas Black
Jan. 27 (Bloomberg) -- Texas Industries Inc. has agreed to
a sale to Martin Marietta Materials Inc., the U.S.’s second-
largest producer of sand, gravel and crushed rock used in
construction, a person with knowledge of the matter said.
A merger of the two companies could be announced as early
as today, said the person, who asked not to be named because the
information is private. The deal is likely to be an all-stock
transaction, one person familiar with the matter said last week.
Texas Industries, which is based in Dallas, has a market
value of about $2 billion and Raleigh, North Carolina-based
Martin Marietta is currently worth almost $5 billion. Officials
at both companies didn’t immediately reply to requests for
comment by telephone and e-mail.
Texas Industries’ strength in California and its home state
would give Martin Marietta an entry into the cement market amid
a U.S. construction rebound. The crushed stone, gravel and sand
that Martin Marietta already produces, known as aggregates, are
mixed with cement to produce concrete. In 2013, builders began
work on 923,400 homes, an increase of 18 percent from the prior
year and the most since 2007.
For Related News and Information:
Texas Industries Said to Explore Sale Amid Building Rebound
NSN MXRLG76S972X <GO>
Manufacturing Growth to Help Propel U.S. Expansion: Economy
NSN MYSLL66SETC7 <GO>
Sales of New Homes in U.S. Rebound From More Than One-Year Low
NSN NSN MXAIM10YHQ0X <GO>
U.S. housing and mortgage data: HSST <GO>
Economic statistics: ECST <GO>
Top Stories: TOP <GO>
--Editors: Mohammed Hadi, Elizabeth Wollman
To contact the reporters on this story:
Aaron Kirchfeld in London at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
David Welch in New York at +1-212-617-2788 or
dwelch12@bloomberg.net;
Thomas Black in Dallas at +1-214-954-9458 or
tblack@bloomberg.net
To contact the editors responsible for this story:
Aaron Kirchfeld at +44-20-3525-8830 or
akirchfeld@bloomberg.net;
Mohammed Hadi at +1-212-617-2914 or
mhadi1@bloomberg.net