Martin Marietta Materials has entered a definitive agreement to sell its Tehachapi, Calif., cement plant to Unacem Corp., Peru-based parent company of Arizona’s Drake Cement. The transaction follows an abandoned deal between Martin Marietta and CalPortland earlier this year.
With a projected closing by year end, the $317 million cash deal will position Unacem with 1.7 million tons of U.S. clinker capacity, about 15% of the volume in a cement plant fleet spanning Peru, Chile and Ecuador.
Unacem entered the United States with the 2012 acquisition of Drake Cement and, like its South American sister businesses, has integrated ready mixed concrete operations.
