Lhoist, a global leader in lime, and Martin Marietta Materials Inc, a member of the S&P 500, has announced a definitive agreement to combine Lhoist North America with Martin Marietta in a transaction “reflecting strong industrial, strategic and organisational fit that enhances their combined ability to serve customers and create long-term value for shareholders and other stakeholders.”
The transaction will make FGI, the Berghmans Family holding, Martin Marietta’s largest single shareholder, with representation on its Board of Directors. FGI’s ownership position reflect its confidence in the long-term prospects of the combined company and its commitment to supporting sustainable value creation.
The combined business is expected to benefit from complementary assets, expanded capabilities and enhanced opportunities for customers, employees and shareholders.
Lhoist’s businesses in Europe, Latin America, and APAC & MENA remain fully owned by FGI, whose commitment to these regions is long-term. Under the stewardship of its Management team, the Group will continue to sharpen its strategy, supporting continued growth in lime and accelerating its ambitions in minerals and aggregates.
Baron Berghmans, Chairman of Lhoist Group, said: “This combination is a milestone in our Group’s history. By uniting Lhoist North America with Martin Marietta, we establish a long-term partnership with one of North America’s premier building materials companies and create an opportunity to participate in the future growth of the combined business. At the same time, our ambition and commitment to our businesses in Europe, Latin America, and APAC & MENA is unwavering. I wish to thank our teams for their professionalism and dedication, which have been instrumental throughout this process.”
Philipp Niemann, CEO of Lhoist Group, said: “Combining with Martin Marietta, a leading North American building materials company, creates a stronger platform for long-term growth and customer service. This transaction strengthens both organisations and is fully aligned with Lhoist’s strategic framework. I am grateful to our teams for their professionalism and dedication throughout this process.”
Following completion of the transaction, Philipp Niemann is expected to join the Board of Directors of Martin Marietta, contributing his experience to the company’s future development.
The transaction is subject to customary closing conditions, including regulatory approvals. BNP Paribas, JP Morgan and Rothschild & Co are acting as financial advisors and Latham & Watkins as legal counsel to FGI. Goldman Sachs is acting as financial advisor and Cravath, Swaine & Moore and Bredin Prat as legal counsel to Martin Marietta.