CRH: acquisition and investment update, Ireland

CRH: acquisition and investment update, Ireland
Published: 02 July 2013

Irish building materials major CRH plc announced it has undertaken 17 acquisition and investment initiatives during the first half of 2013. These transactions, together with the acquisition of Cementos Lemona in Spain (acquired as part of the Uniland asset swap announced in February) and net deferred consideration payments, bring development spend for the first half of 2013 to approximately €470m. Proceeds to date from divestments and disposals, including the Uniland swap, amount to approximately EUR185m.

In the Americas division, a total of 12 transactions worth EUR178m were carried out. It is Materials segment, seven transactions were undertaken, largely focused in the eastern region of the US and included 435Mt of aggregate reserves. Under its Products segment, four transactions were completed, notably manufacturing facilities in Western Canada, The Carolinas and Pennsylvania.

Five deals worth EUR58m were secured in Europe. The group has strengthened its presence in core Northern Ireland materials business and expanded its network of import facilities in Britain. CRH has also increased its footprint in the Belgian pre-stressed concrete market and under its Distribution segment, extended branch networks in Belgium and The Netherlands.

 Commenting on these developments, Myles Lee, CRH Chief Executive, said: “The group has continued in 2013 to develop its portfolio across its six main business segments. In particular, the acquisition in March of Expocrete, a major concrete products business in the attractive western Canada market, represents a significant expansion of CRH's Canadian operations. It brings total group annualised sales in Canada to EUR315m and complements our existing North American architectural products business.”