Martin Marietta is selling its Colorado and central Texas ready-mixed concrete operations to Smyrna Ready Mix Concrete.

Ward Nye, chairman, president and CEO of Martin Marietta, says the move is consistent with the company’s long-term plans.

“As we have previously stated and consistent with our SOAR (Strategic Operating Analysis & Review) 2025 objectives, we look for opportunities to optimize our aggregates-led portfolio and maximize value for our shareholders,” Nye says. “Proceeds from this divestiture will be used to advance our longstanding capital allocation priorities, which are focused on value-enhancing acquisitions, prudent organic investments and returning cash to shareholders through both a meaningful and sustainable dividend and our share repurchase program.”

The transaction is expected to close on March 31 and subject to regulatory approvals and other customary closing conditions. Further transaction details will be provided during Martin Marietta’s first-quarter 2022 earnings conference call.

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