Martin Marietta completes TXI acquisition

Martin Marietta Inc said it has completed its acquisition of Texas Industries Inc (TXI).

As a result, the common stock of TXI is no longer listed for trading on the New York Stock Exchange.

In a statement, Ward Nye, Martin Marietta's CEO, said the merger gives his company an "expanded platform for growth," particularly in Texas and California.

"I look forward to continuing to work closely with our team and all of our employees, including our new team members from TXI, to ensure a seamless transition as we continue to deliver superior product offerings and service to customers," Nye said.

Martin Marietta said it continues to expect to achieve about US$70m of annual pre-tax synergies from the merger by 2017 and that it expects to complete the transition to the new company's target operating model by the end of this year.