Martin Marietta boosts building material supplies in $2.05 billion deal for Blue Water units By Reuters

(Reuters) -Constructing materials provider Martin Marietta mentioned on Monday it could purchase 20 lively aggregates operations of Blue Water Industries for $2.05 billion in money.

Building aggregates are uncooked supplies which might be extracted from quarries and pits comparable to sand, gravel and crushed stones.

Demand for building supplies is on the rise, pushed by ongoing enhancements to roads, rail and different transportation infrastructure within the U.S., facilitated by President Joe Biden Administration’s $1 trillion bundle signed into legislation in 2021.

Blue Water, an combination and asphalt producer in addition to a paving contractor positioned within the southeastern U.S., will proceed to function its aggregates operations in North Carolina and central Florida and its marine terminal enterprise.

The transaction is anticipated to shut later this yr, the businesses mentioned.

Martin Marietta, which is ready to announce its fourth-quarter outcomes later this week, will present extra particulars on the transaction on its post-earnings convention name.

North Carolina-based Martin Marietta operates greater than 500 areas and provides aggregates by way of its community in 28 states, Canada and the Bahamas.

The corporate had mentioned in the course of the third-quarter its divestitures and gross sales would assist it redeploy the proceeds into pure-play aggregates acquisitions to bolster operations.