Ceramic Industry News

Martin Marietta to Purchase Remaining Interests of Meridian

Martin Marietta Materials, Inc. will purchase the remaining interests of Meridian Aggregates Co. under the purchase option terms of the original October 1998 investment agreement. The purchase, which is structured as an asset transaction and is expected to be completed in late 2000 or early 2001, will give Materials 100% ownership of Meridian.

The estimated $235 million purchase price, which is subject to actual results and certain other adjustments, includes the original October 1998 investment of $42 million. It is expected that the Meridian purchase will be neutral to slightly accretive to 2001 earnings. Commenting on the transaction, Stephen P. Zelnak, Jr., chairman and chief executive officer, said, “Meridian is a key element of our expansion strategy. It will strengthen and expand our position in the southwest and central United States and will provide entry into markets in the west. We have had an excellent relationship with the Meridian management team since making our initial investment and are looking forward to incorporating these operations as a significant element of our aggregates business.”

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