CRH second-half developments
Company announces €375 million of development initiatives in the second half of 2012
CRH plc, the Dublin-based international building materials group, have announced 18 acquisition and investment initiatives undertaken during the second half of 2012.
The €375 million of transactions completed since the end of June bring full-year 2012 development activity for the Group to almost €630 million. However, with net deferred consideration of approximately €130 million, cash spend for the year amounted to approximately €500 million.
Among the second-half development initiatives, the Americas Materials Division acquired a majority stake in Trap Rock Industries, an integrated aggregates and asphalt business in New Jersey, and also completed five other bolt-on transactions during the period, adding a total of approximately 515 million tonnes of strategically located aggregates reserves and strengthening positions in a number of key states.
Meanwhile, the Europe Materials Division acquired a concrete products manufacturer in Finland and the assets of CEMEX’s aggregates, ready-mixed concrete and cement importation business on the Isle of Man. In addition, an investment in a precast concrete plant was made in China.
Myles Lee (pictured), CRH’s chief executive, said: ‘The €0.6 billion of development activity during 2012 reflects CRH’s long-term, value-based approach to developing our balanced portfolio. The Materials transactions bring strong asset-backed resource positions and, when combined with existing operations, provide significant opportunities for vertical integration.
