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Martin Marietta $13.5 Acquisition Watch: Can Lhoist Supercharge Its Growth Engine?

Martin Marietta Materials has moved to materially reshape its upstream materials portfolio through a definitive agreement to combine with Lhoist North America in a transaction valued at $13.5 billion, including $7 billion in cash and $6.5 billion in Martin Marietta stock. The deal would bring the North American lime and limestone operations of Belgium’s privately held Lhoist Group into Martin Marietta’s platform, giving the company a leading position in lime, industrial minerals, and high-quality limestone reserves. Management framed the transaction as a direct extension of its SOAR 2030 strategy, particularly the push to expand its complementary upstream specialty segment. Lhoist North America brings 20 production facilities, 45 distribution terminals, more than 50% contracted revenue, and a strong Sunbelt footprint across Texas and the Southeast. The acquisition could broaden Martin Marietta’s exposure beyond construction while adding scale in infrastructure, steel, water treatment, and environmental applications.