CRH announce further development initiatives
CRH plc have announced a range of development initiatives totaling Euro 359.2 million (£230.2 million) undertaken during the second half of 2001, bringing total development spend for the year to around Euro 1 billion (£641 million).
Eight bolt-on acquisitions by the European Materials Division’s ready-mixed concrete and aggregate activities in Finland and the purchase of a clay brick business in Northern Ireland, together with a major upgrade of Irish Cement’s crushing and blending facility at Platin cement works near Dublin, cost Euro 38.6 million (£24.7 million).
CRH’s European Products and Distribution Division spent Euro 88.5 million (£56.7 million) on various acquisitions as well as a major project to reorganize clay brick production capacity in the UK.
In the Americas CRH’s Materials Division spent Euro 51.6 million (£33.0 million) on four aggregate, asphalt and contracting business acquisitions in Ohio, Pennsylvania, Michigan and New York, together with an investment to expand liquid asphalt storage facilities in Michigan.
The Products and Distribution Division in the Americas spent Euro 180.5 million (£115.7 million) in conjunction with a number of major capital investments in its precast, architectural products, glass and distribution businesses.
Commenting on these second-half developments, Liam O’Mahony, CRH’s chief executive, said: ‘These initiatives combine a number of major capital investments to drive organic growth with the acquisition of 22 businesses that consolidate market presence, create synergies and establish strong footholds for future expansion.’
