Big Deal Targeting U.S. Infrastructure: $18 Billion Merger with Lime Leader

Martin Marietta Materials, Inc. (MLM) announced on June 29 that it has entered into a definitive agreement to combine with Lhoist North America, Inc. (LNA), a subsidiary of the Lhoist Group, in a transaction valued at approximately $13.5 billion (roughly KRW 18 trillion). The consideration consists of about $7 billion in cash and $6.5 billion in newly issued Martin Marietta common stock. Based on LNA’s projected 2025 results, the deal reflects an enterprise value of roughly 15 times adjusted EBITDA. Subject to regulatory approvals and customary closing conditions, the companies expect to complete the transaction in the second half of 2026.

LNA is a leading North American producer of lime and industrial minerals, with annual revenues of about $1.8 billion and adjusted EBITDA of $786 million. Martin Marietta expects the combination to strengthen its specialty‐products platform in high‐growth Sun Belt markets and to generate approximately $85 million in annual cost synergies.

Upon closing, the Bergmans family, which controls Lhoist, will own approximately 15% of Martin Marietta’s outstanding shares and will have the right to nominate one director and one observer to Martin Marietta’s board. Pro forma for the transaction, the combined company’s net debt-to-EBITDA ratio will be approximately 3.7 times; Martin Marietta plans to reduce this ratio below 2.5 times within 24 months through strong cash generation.

In its first‐quarter 2026 earnings release in late April, Martin Marietta reported revenues of $1.36 billion and reaffirmed full‐year 2026 guidance of $7.0 billion to $7.3 billion in revenue, underscoring continued growth driven by infrastructure and nonresidential construction demand. The company also recently reinstated its quarterly dividend, maintaining its shareholder‐return policy.

Headquartered in Raleigh, North Carolina, Martin Marietta is a leading supplier of aggregates, lime and industrial minerals for roads, infrastructure and nonresidential construction projects across North America. Upon completion of the LNA combination, Martin Marietta will hold the largest production footprint in the U.S. lime, limestone and specialty minerals markets.