CRH reportedly selling brick business

Irish building materials major CRH is selling its clay brickwork division for up to GBP600m, according to reports in The Sunday Times.

The move comes as the company prepares to bid for a group of cement business from Holcim and Lafarge as the two companies look to shed assets ahead of their proposed merger.

The reported cited city sources who said CRH had hired bankers from JP Morgan to find a buyer for the division. Several private equity firms are thought to be interested in buying the clay division. Bankers said it was likely to fetch between GBP500m and GBP600m.