Martin Marietta to sell California cement plant

CalPortland to acquire Tehachapi cement plant and related terminals for US$350 million

MARTIN Marietta Materials Inc. have entered into a definitive agreement to sell their Tehachapi cement plant, in California, and related distribution terminals to CalPortland Company for US$350 million in cash.

Founded in 1891, CalPortland Company are major producers of cement, ready-mixed concrete, aggregates, concrete products, and asphalt in the western US and Canada.

The transaction is expected to close in the first half of 2023, subject to regulatory approvals and other customary closing conditions.