CRH spends €630m on deals in 2012
Building materials group CRH spent almost €630 million on acquisitions and investments in 2012.
In an update on transactions completed in the second half of last year, the company said it had undertaken 18 initiatives since the end of June.
CRH said its US division agreed 12 acquisitions totalling €256 million during the six-month period.
The investments included the purchase of a majority stake in Trap Rock Industries, an integrated aggregates and asphalt business in New Jersey.
The company’s European division made six transactions worth €119 million during the period.
CRH acquired a concrete products manufacturer in Finland and an aggregates, ready-mixed concrete and cement importation business in the Isle of Man.
The company also invested in a precast concrete plant was made in China.
Chief executive Myles Lee 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," he added.
"Overall spending levels have remained similar to last year, the activity levels illustrate the on-going fire power of CRH's cash flow and balance sheet," Davy Stockbrokers analyst Barry Dixon said.