Martin Marietta Acquires Lhoist North America for $13.5 Billion

Martin Marietta MLM agreed to acquire Lhoist North America in a cash-and-stock deal valued at roughly $13.5 billion, announced June 29, 2026. The consideration comprises about $7.0 billion in cash and $6.5 billion in stock, with the transaction expected to close in the second half of 2026 subject to regulatory approval. The deal is set to make Martin Marietta the largest producer of lime and limestone products in the United States.

Lhoist North America operates roughly 20 quarries and production sites alongside 45 distribution terminals, and generated about $1.8 billion in gross sales and $786 million in adjusted EBITDA for the year ended December 31, 2025. Martin Marietta expects approximately $85 million in annual run-rate cost synergies, which it anticipates will benefit earnings and margins in the first full fiscal year after closing.

The acquisition broadens MLM's exposure beyond aggregates into industrial minerals, with end markets spanning infrastructure, steel, environmental, and industrial manufacturing. Investors will watch integration execution, the financing mix and resulting leverage, and whether the projected synergies materialize, along with the regulatory review timeline given the combined scale in U.S. lime production.