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Martin Marietta to buy Bluegrass Materials for $1.63 billion

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Olwenn Cudennec | EyeEm | Getty Images

Building materials supplier Martin Marietta Materials said on Monday it agreed to buy construction material producer Bluegrass Materials for about $1.63 billion in cash.

Bluegrass Materials makes aggregates and concrete blocks.

Martin Marietta said it expected the deal to close in the fourth quarter.