Martin Marietta Materials
plans the repurchase of 5 million shares.
This, combined with the 1.1 million shares remaining under a prior authorization, represents about 13% of common shares outstanding at Dec. 31, the company said in press release.
"We expect strong cash generation in 2006," the company said. "This authorization is an important step in continuing the execution of our strategy related to the deployment of excess cash, including maximizing total shareholder value."
Martin Marietta is the nation's second largest producer of construction aggregates, a leading producer of magnesia-based chemical products and is developing structural composites products for use in a wide variety of industries.
On Wednesday, Martin Marietta rose $2.67 to $96.92.
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