Tuesday, March 27, 2012

Martin Marietta Materials CEO Zelnak signals more quarry purchases - Triangle Business Journal:

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That’s the message from Chairman and Chief Executive OfficerStephen P. Zelnak Jr. the day after the firm said that it wasspending $65 millionm to buy three rock quarries and the remaining 49 percentt interest in an existing joint venture from Cemex Inc. “We’ve got a lot of fire Zelnak told Triangle Business Journal in a phonedinterview Tuesday. “We think this is a good time to be lookinbat acquisitions.” Economic downturns such as the current one can improvse the prices on potential acquisitions. The of course, is the ability of interested buyeras toobtain funding.
Yet Zelnaok says his firm still has the debt and equityy capital resources that would allow it to spenc in excessof $500 million if the righrt acquisition opportunity came along. Any such deal probablyt wouldn’t be local; Zelnak says he sees little opportunitty for the company to grow by acquisition in North TheCemex deal, which dealty with operations in Nebraska, Wyoming and Utah, adderd 100 employees to Martin Marietta’s While the company expects to see modest improvement in the Northy Carolina transportation construction sector in the second half of the year due to federal stimulus spending, Martin Marietta doesn’t have planz to add employees in the state at this There could be some good news for existing employeex though.
Several of the firm’s North Carolina plants have been operating 30 to 32 hours a If the economy picks up in thecomingv months, those plants couled go back to operatingv at around 40 hourx per week. In really good the plants operate 50 to 60 houresa week, Zelnak says.

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