Martin Marietta Completes $13.5 Billion Lhoist North America Combination
The aggregates producer said the deal expands its Specialties platform and makes it the nation’s leading limestone producer.
Martin Marietta Materials, Inc. (MLM), has completed its combination with Lhoist North America, Inc. (LNA), a $13.5 billion cash-and-stock transaction first agreed in late June.
The deal, which was expected to close in the third quarter after regulatory approvals were received in early August, makes Martin Marietta the nation’s leading producer of lime and limestone solutions.
Ward Nye, Chair, President and CEO of Martin Marietta, stated, “We are pleased to announce the successful completion of the LNA combination. This transformative transaction advances our SOAR 2030 objectives by expanding our Specialties platform and further enhancing the quality, scale and resilience of our business.”
LNA is a leading producer of hi-calcium lime, dolomitic lime and industrial mineral products, serving domestic steel manufacturing, infrastructure and heavy nonresidential construction, environmental and agricultural applications. Its products are critical inputs supporting reindustrialization and related development across North America.
The target operated a network of 20 quarries and production facilities and 45 distribution terminals, generating $1.8 billion in gross sales and $786 million of Adjusted EBITDA for the twelve months ended December 31, 2025. LNA is anchored by more than 2 billion tons of high-quality limestone reserves, strategically positioned in high-growth Sun Belt metropolitan corridors. That reserve base of over 200 years of useful life represents one of the most significant and strategically advantaged limestone positions in North America.
Consideration was approximately $13.5 billion, consisting of $7.0 billion of cash, subject to certain adjustments, and 10,953,543 shares of newly issued Martin Marietta common stock valued at approximately $6.5 billion based on the 15-day volume-weighted average trading price ending June 26, 2026.
Martin Marietta obtained a bridge loan commitment of up to $7.0 billion to temporarily fund the transaction, if necessary. On July 15, 2026, it obtained a three-year unsecured term loan of $1.5 billion to replace part of that bridge. The pro forma statements assume an additional $5.5 billion of permanent senior unsecured debt to replace the remaining bridge commitments before closing.
The combination was framed as the next step after a run of portfolio moves in 2025 and 2026, including the Premier Magnesia acquisition, a Quikrete asset exchange that added about 20 million tons of annual aggregates capacity, and the New Frontier Materials purchase.
The LNA deal advances Martin Marietta’s SOAR 2030 objective to expand a complementary, upstream Specialties segment in lime and other industrial minerals, builds on core quarrying competency, expands its geographic footprint and immediately establishes it as the leading national producer of lime solutions.
The transaction was expected to be accretive to earnings and margins in the first year following closing.