Martin Marietta Materials Acquisition of Leading US Lime Producer, Lhoist North America, for $13.5 bn Expands Specialties Business in Margin and Earnings Accretive Transaction

Research evidence excerpt

Martin Marietta Materials Acquisition of Leading US Lime Producer, Lhoist North America, for $13.5 bn Expands Specialties Business in Margin and Earnings Accretive Transaction

J P M O R G A N North America Equity Research

30 June 2026

Martin Marietta Materials

Acquisition of Leading US Lime Producer, Lhoist North Neutral

America, for $13.5 bn Expands Specialties Business in MLM, MLM US

Margin and Earnings Accretive Transaction Price (29 Jun 26):$581.23

Americas Construction Materials

Yesterday, MLM announced that it has entered into a definitive agreement to Adrian E Huerta AC

combine with Lhoist North America (LNA), a subsidiary of Lhoist Group, in a (52-81) 8152-8720

$13.5 bn transaction comprised of $7.0 bn in cash and $6.5 bn in MLM common adrian.huerta@jpmorgan.com

stock (50% locked up for 12 months/50% locked up for 24 months). The J.P.MorganMorganGrupoCasaFinancierode Bolsa, S.A. de C.V., J.P.

transaction is expected to close in 2H26, subject to regulatory approvals. Upon Garrett Greenblatt

completion, the Berghmans family will hold approximately 15% of MLM’s (1-212) 622-0424

common stock on a fully diluted basis and have the right to appoint one director and garrett.greenblatt@jpmorgan.com

one observer to the Board of Directors. LNA is valued at an enterprise value of J.P. Morgan Securities LLC

approximately 15x 2025 Adj. EBITDA, including run-rate cost synergies, which

seems attractive given the high quality assets, expanded product lines, favorable

geographic exposure, and less cyclicality of LNA. MLM expects a combined net

leverage ratio of 3.7x at close, targeting a reduction below 2.5x within 24 months

through robust free cash flow generation. The deal aligns with MLM’s

commitment to maintain its strong investment grade credit rating and capital