Martin Marietta in $13.5B Lhoist NA deal

Martin Marietta Materials (MLM) has entered a definitive agreement to acquire Lhoist North America in a transaction valued at $13.5 billion, including debt. The agreement was announced on June 29, 2026 and marks a major expansion move in the building materials and industrial minerals sector. The deal brings together a leading aggregates producer with a large lime and limestone supplier serving industrial and construction markets across North America.

Under the agreed terms, Martin Marietta (MLM) plans to fund the acquisition with approximately $7.0 billion in cash and $6.5 billion in shares of its common stock. The stock component is valued based on a recent volume-weighted average price, and the mix of cash and equity is designed to support the $13.5 billion transaction value. The structure also means existing Lhoist stakeholders will become shareholders in the enlarged Martin Marietta.

Lhoist North America will add a network of quarries, production facilities and distribution terminals to Martin Marietta’s operations. The assets include about 2 billion tons of limestone reserves located along Sun Belt metropolitan corridors. These reserves and facilities are intended to reinforce Martin Marietta’s presence in high-growth regions and deepen its participation in lime and limestone markets.

Lhoist North America produces hi-calcium lime, dolomitic lime and industrial mineral products. These products are used in domestic steel manufacturing, infrastructure development and heavy non-residential construction throughout North America. By combining with Lhoist’s operations, Martin Marietta expects to broaden its product offering and serve a wider range of industrial and construction end markets.

The companies expect the transaction to close in the second half of 2026, subject to required regulatory approvals. Completion will depend primarily on the timing and outcome of reviews by relevant authorities. Until closing, both businesses are expected to continue operating independently under their current structures.

Following completion, Lhoist’s existing operations and reserves are slated to be integrated into Martin Marietta’s portfolio of aggregates and heavy building materials. The combined business is expected to have an expanded geographic footprint and a larger base of hard rock and industrial mineral assets. The transaction reflects ongoing consolidation trends within the construction materials and industrial minerals industries.