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Martin Marietta to combine with Lhoist North America in $13.5 billion deal

Martin Marietta to combine with Lhoist North America in $13.5 billion deal

Money Moves

A building-materials giant buys its way to the top of the U.S. lime market, a critical input for steelmaking

Today: Martin Marietta agrees to combine with Lhoist North America

Overview

Lime is the quiet ingredient inside American steel. On June 29, 2026, Martin Marietta agreed to buy Lhoist North America for $13.5 billion, making one company the country's largest producer of it.

The deal trades $7 billion in cash and about $6.5 billion in stock for quarries, kilns, and roughly 2 billion tons of limestone reserves. Lhoist's owners, Belgium's Berghmans family, would walk away with about 15% of Martin Marietta.

Why it matters

Lime is essential to making steel, cement, and clean water. This deal puts the largest U.S. supply of it under one company's control.

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Key Indicators

$13.5B
Total deal value
Cash-and-stock price for Lhoist North America.
$7B
Cash portion
The rest is paid in Martin Marietta stock.
~15%
Berghmans family stake
Ownership the Belgian family would hold in Martin Marietta after close.
2B tons
Added limestone reserves
More than 200 years of reserve life at current rates.
$85M
Expected annual cost savings
Run-rate synergies Martin Marietta projects from the combination.

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People Involved

Organizations Involved

Timeline

1889 June 2026

3 events Latest: Today
  1. Martin Marietta agrees to combine with Lhoist North America

    Today Deal

    Martin Marietta announces a $13.5 billion cash-and-stock agreement, roughly $7 billion cash plus stock, to become the largest U.S. lime producer. Close expected in the second half of 2026, pending regulatory approval.

  2. Martin Marietta buys Texas Industries

    Background

    An earlier acquisition that expanded Martin Marietta's cement and aggregates footprint, part of a long buy-and-build pattern.

  3. Lhoist founded in Belgium

    Background

    The Berghmans family starts a lime business that grows into a global minerals producer across more than 20 countries.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

December 2011 - May 2012

Martin Marietta's failed bid for Vulcan Materials (2011-2012)

Martin Marietta launched a $4.7 billion hostile bid to merge with rival Vulcan Materials, the other U.S. aggregates leader. Vulcan resisted. A Delaware court blocked the move, ruling Martin Marietta had misused confidential information from earlier friendly talks.

Then

The court barred Martin Marietta from pursuing Vulcan for four months, and the bid died.

Now

Martin Marietta turned to friendlier deals instead, buying Texas Industries in 2014 and building scale through agreed acquisitions.

Why this matters now

It shows Martin Marietta's appetite for big consolidation and why it now prefers negotiated deals like Lhoist over contested takeovers.

2014 - July 2015

Holcim-Lafarge cement merger (2015)

Switzerland's Holcim and France's Lafarge merged to form the world's largest cement maker, a roughly $40 billion combination. Antitrust regulators in Europe, India, and elsewhere demanded large divestitures before approving.

Then

The companies sold billions in plants and assets across multiple countries to win clearance.

Now

LafargeHolcim became the dominant global building-materials group, proving big mergers in this sector close only after heavy regulatory bargaining.

Why this matters now

It previews the kind of antitrust scrutiny and possible asset sales the Martin Marietta-Lhoist deal could face.

January - July 2014

Martin Marietta acquires Texas Industries (2014)

Martin Marietta bought Texas Industries in a stock deal worth about $2.7 billion, gaining cement plants and aggregates positions across Texas and California. The deal closed within months.

Then

Martin Marietta added cement capacity and expanded in fast-growing Sun Belt markets.

Now

The acquisition became a template for the company's growth through negotiated purchases of complementary assets.

Why this matters now

The Lhoist deal follows the same playbook: buy a complementary materials business to enter a new, higher-margin product line.

Sources

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