CRH second-half development update
CRH announces second-half 2010 development initiatives of €0.37bn bringing total 2010 acquisition and investment spend to €0.54bn.
CRH plc, the international building materials group, today announces 17 development initiatives totalling €367 million undertaken during the second half of 2010. These initiatives, together with 14 acquisition and investment transactions completed in the first half of 2010 and deferred acquisition payments arising in respect of prior years’ acquisitions, bring the Group’s total acquisition and investment spend for the year to approximately €536m.
Commenting on these developments, Myles Lee, CRH Chief Executive, said: “With acquisition and investment expenditure of €0.37bn, the second half of 2010 has seen a step-up in the pace of development activity for the Group. The full-year spend of €0.54bn includes a total of 28 traditional bolt-on acquisitions which offer good value and returns, expanding in particular our materials footprints in Switzerland and the United States and substantially enhancing our presence in the attractive German distribution market. These 2010 acquisitions contribute incremental annualised sales of €0.8bn of which approximately €0.2bn will be reflected in our 2010 results.”
Published under Cement News
