Martin Marietta Materials Inc., the U.S.’s second-largest producer of sand, gravel and crushed rock used in construction, is in advanced talks to acquire building- materials company Texas Industries Inc., people with knowledge of the matter said.
Martin Marietta Materials Inc. Chief Executive Officer Ward Nye embraces the expression “everything’s bigger in Texas.” That’s why he says he jumped at the chance to double sales there when cement maker Texas Industries Inc. decided to sell late last year.
Now that Martin Marietta Materials Inc. is cleared to renew its pursuit of Vulcan Materials Co. and create the world’s biggest supplier of gravel and sand, it needs to boost the initial bid by 40 percent to cement a deal.
Martin Marietta Materials Inc. may need to sweeten its hostile $4.8 billion bid for Vulcan Materials Co. after the company’s shares topped the offering price to create the world’s largest supplier of sand, gravel and stone.
Texas Industries Inc. has agreed to a sale to Martin Marietta Materials Inc., the U.S.’s second- largest producer of sand, gravel and crushed rock used in construction, a person with knowledge of the matter said.