JPM | Building Broadcast: HWDN, TPK, HEI, FHZN, ADP

Research evidence excerpt

JPM | Building Broadcast: HWDN, TPK, HEI, FHZN, ADP

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now contemplating its next move, the people added.

• Spanish cement projects secure €319m in decarbonisation funding. Cemnet reports

(link) that Spain's cement industry has secured EUR319m (US$364m) in government

funding under the country's Industrial Decarbonisation PERTE programme, accounting

for more than half of the EUR518m awarded to 17 manufacturing projects. Cemex

received the largest single grant, EUR200m, for the decarbonisation of its Tarragona

cement plant, including the modernisation of its clinker production facilities.

• Martin Marietta to combine with Lhoist North America in $13.5bn transaction.

Martin Marietta Materials yesterday announced that it has entered into a definitive

agreement to combine with Lhoist North America, Inc. (Lhoist North America or LNA),

a subsidiary of Lhoist Group, for $13.5bn in cash and shares of Martin Marietta common

stock. The transaction is expected to be completed in the second half of 2026, subject to

regulatory approvals. Lhoist North America is a leading producer of hi-calcium lime,

dolomitic lime and industrial mineral products, serving a diversified set of end markets

such as domestic steel manufacturing, infrastructure and heavy non-residential

construction, environmental and agricultural applications. In addition, its products are

critical inputs supporting re-industrialisation and related development across North

America. The transaction values LNA at an enterprise value of approximately $13.5bn,

implying a multiple of approximately 15x Adjusted EBITDA4 for the 12 months ended

December 31, 2025, including run-rate cost synergies. Link to the press release.

• SESCO Cement opens new import terminal. Global Cement reports (link) that SESCO