01:35 PM EDT, 04/08/2024 (MT Newswires) -- Martin Marietta Materials ( MLM ) said Monday it completed the $2.05 billion acquisition of 20 active aggregates operations in Alabama, South Carolina, south Florida, Tennessee, and Virginia from affiliates of Blue Water Industries.

The company had previously said it would fund the acquisition through cash on hand.

"Combined with the recent acquisition of Albert Frei & Sons, Inc. in Colorado, these two pure-play aggregates transactions provide approximately 1 billion tons of proven, high-quality reserves and are expected to generate more than $180 million of annualized EBITDA," Martin Marietta Chief Executive said in a statement.

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