CRH completes sale of Americas distribution business
Deal worth €2.2bn was announced in August last year
CRH chief executive Albert Manifold. Photograph: Cyril Byrne / The Irish Times
Building materials group CRH said it had completed a deal struck last year to sell off its distribution business in the US for €2.2 billion.
The firm announced the divestment in August last year, confirming it would sell its Americas distribution business to Beacon Roofing Supply for a total consideration of $2.63 billion in cash.
When it announced the deal, CRH said it came to the decision because the division did not offer value adding acquisition opportunities, and it could not see a path to market leadership.
In 2016, the unit reported EBITDA of €150 million on sales of €2.3 billion, with profit before tax of €121 million. Its gross assets as of the first half of 2017 were €1.2 billion.
The proceeds of the sale will be used to part-fund some of CRH’s acquisitions in 2017.