Two of Wise County’s largest gravel and sand mining companies have agreed to merge in a $2.7 billion dollar deal announced Tuesday.
Texas Industries Inc. and Martin Marietta Materials Inc. will merge on an all-stock deal. TXI is the largest cement maker in Texas, and Martin Marietta is one of the largest suppliers of aggregates and other construction materials in the nation.
Ward Nye, CEO of Martin Marietta, said the headquarters of the combined company would be in Raleigh, N.C., but the firm would continue a “significant presence” in Dallas, according to the Dallas Morning News.
Nye said his company was impressed by the construction activity, including infrastructure, residential and non-residential in the Dallas area.
“It’s a dynamic market,” he told the newspaper.
Nye said he expects the deal to close in the second quarter of the year. Mel Brekhus said the merger was “another step forward” for the company.
There was no announcement of any changes in the operations of the two companies’ facilities in Wise County.