CRH Americas Materials has purchased over $2 billion of assets in Texas over the past two years, including the recent acquisition of cement and concrete operations from Martin Marietta Materials centered in Central Texas. This growth for the Ireland-based corporation builds on its purchases last year of East Texas Asphalt and Moore Brothers Construction.
Rick Moore, former co-owner of Moore Brothers, said at the time of last year’s deal: “We are excited to join CRH and Texas Materials to expand our services and footprint across Texas while retaining local leadership as part of this great team.”
The Martin Marietta assets acquired include a cement plant between San Antonio and Austin, a network of terminals along the Texas Gulf Coast, and around 20 concrete plants serving booming markets of Austin and San Antonio.
CRH sees potential for integrating these assets with its existing Texas Materials operations across the state. Leveraging CRH’s resources and cement expertise is expected to yield major synergies.
“This transaction reflects our disciplined approach to capital allocation as well as our commitment to deliver further growth and value creation for our shareholders,” said CRH CEO Albert Manifold. “We also believe there is significant potential to unlock additional growth opportunities across an expanded footprint in this attractive growth market.”
While now belonging to a global enterprise valued at over $40 billion, Texas Materials gives its local brands like East Texas Asphalt operational independence to continue serving customers. That combination of financial strength and local focus creates advantages according to Rick Moore.
Regulatory approval is still needed to finalize the Martin Marietta deal in the first half of 2024. But the steady expansion underscores CRH and Texas Materials’ bullish outlook for construction and infrastructure projects across high-growth areas of Texas.
