CRH spent €1.5bn in 2000 on development investments

CRH spent €354 million (£279 million) on development initiatives during the second half of 2000, the firm said yesterday.

This is in addition to the €268 million acquisition of the Jura Group last November and brings development spending by the international building materials group to more than €1.5 billion for 2000.

The cost of seven development initiatives undertaken by CRH's European materials division totalled €18.7 million for the six months to December 31st, 2000.

In August, the group acquired 75 per cent of Polbet, a Polish concrete paving manufacturer. In Finland, as part of the extension of Rudus Finland's operations into asphalt product and contracting, CRH acquired Helsingin Katutyo, Asfaltti Makio and Asfalttipiste in July and Asfaltti Tenhunen in November. In addition in July CRH bought the remaining 30 per cent shareholding in Karjalan Murske, a contract aggregates crushing operation.

During the second half of 2000, its products and distribution group in Europe spent €69.2 million on acquisitions.

In October, the distribution group acquired Dijkbouw Beheer, an eight-store DIY chain in the greater Rotterdam area with annual sales of €39 million. Also in October, it bought the remaining 12.5 per cent of Paris-based builders merchant Materiaux Service.

In December, the concrete products group acquired Schelfhout, the leading Belgian producer of precast concrete wall panels for the non-residential market. CRH's clay products group acquired Gozdnica, a leading Polish manufacturer of clay-facing bricks in November. Four acquisitions totalling €69.8 million were made by the North American materials division in the second half of 2000.

It acquired Washington-based Acme Materials and Construction Company in July. Larry's, a heavy highway and utility contractor in Wyoming, and Reeves, an integrated aggregates, ready-mixed concrete, highway and concrete paving construction company also in Wyoming, were acquired in separate transactions in September. In July its subsidiary, the Shelly Company, bought Van Wey Sand & Gravel in Ohio.

The cost of 10 acquisitions completed by the North American products and distribution division was €191 million.

In September, the division's precast group acquired WR White Company, while selected assets of New Basis in California were acquired in two transactions in September and November. In October, the group acquired ConVault Florida. This was followed by the December acquisition of the New Jersey Concrete Pipe.

CCI Manufacturing, headquartered in Dallas, Texas, was acquired by the North American architectural products group in July. Also in July, it bought Gollin Supply and Block Company in Michigan.

The company's glass group bought Hoffer's, a fabricator and distributor of residential and commercial glass products in the US mid-west. Laminated Glass Corporation, based in Pennsylvania, was acquired in December. The glass group also started a €5.2 million project to expand its tempering and insulated glass manufacturing facilities in Vancouver, Washington.