Martin Marietta to buy HeidelbergCement's western U.S. assets for $2.3 billion

FILE PHOTO: A specialist trader works at the post where Martin Marietta Materials is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 6, 2017. REUTERS/Brendan McDermid

(Reuters) – Construction materials supplier Martin Marietta Materials Inc said on Monday it will buy Germany-based HeidelbergCement AG’s assets in California and Arizona for $2.3 billion in cash.

The Raleigh, North Carolina-based company said it entered an agreement with HeidelbergCement’s U.S. affiliate, Lehigh Hanson Inc, to buy assets including 17 active aggregates quarries and two cement plants.

The deal is expected to close in the second half of this year and will be accretive to earnings per share in the first full year following closing, Martin Marietta said.

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