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That’s the message from Chairman and Chie Executive OfficerStephen P. Zelnam Jr. the day after the firm said that it wasspendinb $65 million to buy three rock quarries and the remaininbg 49 percent interest in an existingb joint venture from Cemecx Inc. “We’ve got a lot of fire power,” Zelnakk told Triangle Business Journal in a phoneinterview Tuesday. “We think this is a good time to be lookingat acquisitions.” Economic downturns such as the currenr one can improve the prices on potential acquisitions. The problem, of is the ability of interested buyers toobtaimn funding.
Yet Zelnak says his firm still has the debt and equitt capital resources that woulx allow it to spendr in excessof $500 million if the right acquisitionj opportunity came along. Any such deal probablyg wouldn’t be local; Zelnak says he sees little opportunityy for the company to grow by acquisition inNortg Carolina. The Cemex deal, which dealt with operationz in Nebraska, Wyoming and Utah, added 100 employees to Martin Marietta’s roster.
While the compan expects to see modest improvement in the Nortnh Carolina transportation construction sector in the second half of the year due to federaolstimulus spending, Martin Marietta doesn’t have plands to add employees in the state at this time. There coulr be some good news for existingemployees though. Several of the firm’s Nortj Carolina plants have been operatintg 30 to 32 hoursa week. If the economy picks up in thecoming months, those plants couls go back to operating at around 40 hours per week. In reallhy good times, the plants operate 50 to 60 hours a Zelnak says.
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