Martin Marietta to buy Lhoist North America in $13.5 billion deal
Martin Marietta’s $13.5 billion Lhoist North America deal adds 2 billion tons of limestone reserves and deepens its control over a key construction input.
Martin Marietta Materials will merge with Lhoist North America in a $13.5 billion cash-and-stock deal that expands its reach in lime and industrial minerals. The company’s shares fell about 5% in morning trading after the announcement.
The deal gives Martin Marietta 20 quarries and production facilities, 45 distribution terminals and more than 2 billion tons of limestone reserves with a useful life of more than 200 years. Lhoist North America generated $1.8 billion in gross sales and $786 million in adjusted EBITDA for the 12 months ended Dec. 31, 2025, and its customers span domestic steel manufacturing, infrastructure, heavy nonresidential construction, environmental uses and agriculture. Lime is an essential input in steelmaking, road building, water treatment and a range of industrial processes that sit upstream of housing, commercial construction and public projects.
Martin Marietta will pay about $7 billion in cash and issue shares valued at $6.5 billion. The company expects about $85 million in annual run-rate cost synergies, and the deal should be accretive to earnings and margins in the first year after closing. Ward Nye, Martin Marietta’s chief executive, said demand for high-quality lime has been resilient for decades because of infrastructure spending, advanced manufacturing, energy development and broader industrial expansion in the United States. The transaction advances its SOAR 2030 plan to grow its Specialties segment in lime and other industrial minerals.
Last week, CRH agreed to buy Arcosa in an $8.5 billion all-cash deal, paying $150 a share and implying a 25% premium to Arcosa’s 60-day volume-weighted average price as of June 18, 2026. CRH’s construction products arm includes 109 quarries and yards, nine asphalt plants and 19 terminals. Morgan Stanley analyst Angel Castillo called the Martin Marietta-Lhoist combination a high-quality diversification into attractive infrastructure markets and said it adds complexity.
The Lhoist Berghmans family, which owns the parent Belgian industrial group, is set to end up with roughly 15% of Martin Marietta after closing. The deal is scheduled to close in the second half of 2026, pending regulatory approvals.
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