Martin Marietta Buys Lhoist North America in US$13.5bn Deal

Martin Marietta Materials will buy Lhoist North America in a cash-and-stock deal worth US$13.5bn, the company has announced. The deal will create the biggest producer of lime and limestone in the United States at a time when demand for limestone is growing rapidly.  

Lhoist North America is a subsidiary of Lhoist Group, a privately held Belgian company owned by the Berghmans family, and specialises in critical ingredients for domestic steel manufacturing, including hi-calcium lime and dolomitic lime.

According to data from Mordor Intelligence, the global limestone market currently stands at an estimated 5.58 billion tons in 2026, up from 5.38 billion tons in 2025. It is forecast to reach 6.71 billion tons by 2031, growing at a compound annual rate of 3.76%. 

Ward Nye, Chairman, President and Chief Executive Officer of Martin Marietta, says: "Demand for high-quality lime products is expected to remain resilient for decades to come, due to investment in infrastructure, advanced manufacturing, energy development and industrial expansion in the US." 

What Lhoist North America brings to the table

Lhoist North America operates 20 quarries and production facilities, as well as 45 distribution centres across North America. In 2025, the company generated US$1.8bn in gross sales and US$786m in adjusted EBITDA, which is a 45% margin.

The acquisition adds more than two billion tons of high-quality limestone reserves to Martin Marietta's portfolio which, according to the company, has an estimated useful life of more than 200 years.

The reserves are mainly concentrated in sunbelt areas, which means Martin Marietta will be better positioned to serve the high-growth construction markets of the southern United States.

Lhoist North America's products serve a range of sectors, including domestic steel manufacturing, infrastructure and heavy non-residential construction. Its materials are also used in environmental and agricultural applications across North America.

The deal structure

Martin Marietta will pay with US$7bn in cash and fund the rest of the acquisition via US$6.5bn of Martin Marietta shares. The company expects to realise approximately US$85m in annual cost savings within two years of closing the deal.

The Berghmans family will own approximately 15% of Martin Marietta once the ink has dried, and they will also be able to appoint one director and one board observer under the terms of the deal.

Lhoist Group has operated for more than a century, building what it describes as a global leader in lime and mineral solutions. 

Baron Berghmans, Chairman of Lhoist Group, says: "In Martin Marietta, we have found a partner who shares these values, honours the legacy we have carefully built and ensures it will endure for generations to come." 

Ward adds: "With long-lived limestone reserves, a complementary distribution network and an attractive financial profile, the LNA business strengthens our portfolio, enhances our ability to serve both new and existing customers, and deepens our role in providing the critical materials necessary to build our nation's infrastructure, manufacturing and industrial base." 

The deal is expected to close in the second half of 2026, subject to regulatory approval.