Martin Marietta earns DOJ approval of $2.7 billion Texas Industries acquisition

EQW Staff

June 27, 2014

martin-marietta-materials-inc-logoMartin Marietta Materials can move forward with its purchase of Texas Industries following a deal with the U.S. Department of Justice (DOJ).

Martin Marietta President and CEO Ward Nye and Texas Industries Executive Vice President and CFO Anne Lloyd announced the acquisition in January.

The DOJ has approved the $2.7 billion purchase of the cement company, outlining terms that resolve competition issues, the Dallas Business Journal reports.

Terms include a requirement that Martin Marietta sell assets including its North Troy aggregates quarry in Mill Creek, Okla., and two rail yards in Dallas and Frisco, Texas.

A MarketWatch report notes that the two companies will each hold shareholder meetings on Monday. The deal is expected to close shortly after shareholders approve.

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