CRH spent €375m on transactions last year
Building materials group CRH spent €375 million on 18 acquisitions and investments in the second half of last year despite recession in most of its main markets.
In an update on transactions completed in 2012, the company yesterday said its US division had agreed 12 acquisitions totalling €256 million since the end of June. The investments included seven concrete-paving facilities in Canada and Florida and a majority stake in Trap Rock Industries, a New Jersey integrated aggregates and asphalt business.
The company said its European division completed six transactions worth €119 million during the six-month period, acquiring a concrete products manufacturer in Finland and an aggregates, concrete and cement importation business in the Isle of Man.
The company, which moved its primary stock market listing to London last year, also invested in a precast concrete plant in China. The deals brought CRH’s spending on acquisitions and investments in 2012 to nearly €630 million.
Chief executive Myles Lee said: “The €600 million of development activity during 2012 reflects CRH’s long-term, value-based approach to developing our balanced portfolio.”
Goodbody analyst Robert Eason said there was speculation CRH may be interested in acquiring India’s Sree Jayajothi Cements for about €300 million.