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Martin Marietta Materials: Loeb's Third Point Cuts Stake to 4.5%• May. 11, 2007
Martin Marietta Materials: Third Point Raises StakeLon Juricic • Feb. 13, 2007
Fri, Aug. 22, 8:27 AM
Mon, Aug. 18, 8:55 AM
- Martin Marietta (NYSE:MLM) has completed the divestitures required by the DOJ to clear its acquisition of Texas Industries (NYSE:TXI).
- The company sold one quarry in Oklahoma and two rail yards in Texas to Vulcan Materials (NYSE:VMC).
- Vulcan Materials notes that its acquisitions will enhance its ability to serve customers in the greater Dallas market.
Tue, Jul. 29, 10:37 AM
- Martin Marietta (MLM +2.5%) reports that Q2 net profit rose 44% Y/Y to $59.5M, or $1.27 per share, from $41.3M, or $0.89 per share a year earlier. The increase comes as construction activity begins to recover from historically low levels.
- Total revenues grew 19% Y/Y to $669.2M from $561.3M the same period a year ago. Similarly, net sales grew 19% Y/Y to $601.9M vs. $507.3M.
- CEO Ward Nye also declared his optimism for future company advancement due to its purchase of Texas Industries earlier this month. "The acquisition provides a broader platform for growth," states Nye.
- Q2 earnings
Tue, Jul. 29, 8:25 AM| Comment!
Mon, Jul. 28, 5:30 PM
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Wed, Jul. 2, 12:39 PM
- Shares of companies that rely on federal infrastructure investment are lower after the Obama administration warns that federal funding for bridge and highway repair would be curtailed beginning Aug. 1 without congressional action.
- The current two-year law authorizing federal road spending expires in September, a deadline that can be extended.
- Martin Marietta (MLM), which announced earlier that it had completed its acquisition of Texas Industries, -2.9%; also, EXP -1.6%, VMC -1.3%, GVA -0.9%.
Wed, Jul. 2, 7:55 AM
- Martin Marietta (MLM) has completed its acquisition of Texas Industries (TXI), creating a combined company that has a market capitalization of approximately $8.8B. The deal was approved by shareholders of both companies on June 30.
- As reported last week, Martin Marietta has taken the place of U.S. Steel in the S&P 500 as of yesterday's close.
- MLM -0.9% premarket
- TXI -0.7% premarket
Fri, Jun. 27, 5:26 PM
- Martin Marietta (MLM) will take U.S. Steel's (X) place in the S&P 500 following Tuesday's close. U.S. Steel, in turn, will take Martin's spot in the S&P MidCap 400.
- Separately, Depomed (DEPO) will be replacing Texas Industries (TXI) in the S&P SmallCap 600 after Tuesday's close.
- MLM +1.8% AH. DEPO +1.4%.
Thu, Jun. 26, 3:14 PM
- Martin Marietta Materials (MLM -0.8%) will be required to sell an Oklahoma quarry and two Texas rail yards to complete a deal to acquire Texas Industries (TXI -0.9%), according to terms reached with the Justice Department, which had filed suit to block the purchase.
- The settlement will help ensure that aggregate purchasers in parts of the Dallas metro area will continue to benefit from vigorous competition, DoJ says.
- Assuming the settlement is approved by shareholders, MLM would become the largest U.S. producer of construction aggregates crushed stone, gravel and sand.
Wed, Jun. 11, 7:15 AM
- Martin Marietta Materials (MLM) and Texas Industries (TXI) have announced their $2.7B merger, creating a combined company valued at $8.5B. The former will acquire all outstanding shares of Texas Industries common stock in a tax-free, stock-for-stock transaction.
- Texas Industries shareholders will receive 0.7 Martin Marietta shares for each share of Texas Industries common stock they own at the closing of the deal.
Fri, May. 23, 8:33 AM
Tue, Apr. 29, 8:18 AM| Comment!
Mon, Apr. 28, 5:30 PM
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Mon, Apr. 21, 11:59 AM
- Once Holcim (HCMLF, HCMLY) and Lafarge (LFGEF, LFRGY) start shedding assets across the world to complete their $40B merger and satisfy antitrust regulators, cement producers from Europe to the U.S. are likely to start lining up with offers.
- Bloomberg says likely bidders for North American cement plants may include Europe’s HeidelbergCement (HDELY) and Titan Cement (TITCF), as well as Mexico’s Cemex (CX) and Ireland's CRH; for businesses in cement aggregates - crushed rock, gravel and sand - potential buyers are Vulcan Materials (VMC) and Martin Marietta Materials (MLM), as well as P-E firms.
- These are prime assets that don’t come up for sale often, so almost everyone in the industry will take a look, a Cantor Fitzgerald analyst says.
Fri, Apr. 4, 10:40 AM
- Holcim (HCMLF +2.4%) and Lafarge (LFRGY +6.7%), the world’s two largest cement makers, are exploring a potential merger of equals that would create a company with a combined market value of more than $50B, Bloomberg reports.
- Holcim and Lafarge combining would allow the companies to cut production costs by melding production capabilities and cutting excess capacity, but a merger could face heavy antitrust issues from multiple governments.
- Peers are rising on the news: CX +4.2%, VMC +2.1%, MLM +3.4%, CRH +2.8%, GVA +0.3%.
Tue, Jan. 28, 7:25 AM
- As flagged, Martin Marietta Materials (MLM) has agreed to acquire Texas Industries (TXI) for $2.7B, including $700M of debt, in an all-stock deal.
- Martin Marietta is offering 0.7 of a share for each Texas Industries share, or the equivalent of $71.95 a share vs Texas' close yesterday of $71.54.
- The companies expect the transaction to be immediately accretive to Martin Marietta's EPS in 2014.
- The combined company will have an enterprise value of $8.5B.
- Texas shares are +2.7% premarket at $73.50.
- Martin Marietta earnings. (PR)
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