Sunday 28 May 2017

CRH chief resigns from American role

CONSTRUCTION

CRH announced yesterday that the chief executive of its products and distribution business in North America, Bill Sandbrook, has resigned from the company to pursue other interests. His former management team will now report directly to CRH Americas chief executive Mark Towe.

LaSalle snaps up NAMA retail centre

PROPERTY

LASALLE Investment Management has completed a leasehold acquisition of the Artizan Shopping Centre, Dumbarton, for £4.85m (€5.48m). The acquisition is LaSalle's seventh UK shopping centre deal since 2009. The centre was purchased from NAMA and reflects a Net Initial Yield of 13.6pc. LaSalle said it is anticipating "investing substantial capital to reinvigorate the centre in order to meet retailer requirements and the high standards expected by consumers". Andrew Bull, director at LaSalle, said: "This purchase demonstrates that value within the secondary market is beginning to come through."

Uniq's board backs Greencore's offer

FOOD

GREENCORE said yesterday it had secured the backing of the Uniq board as it posted the offer document for the proposed acquisition to Uniq shareholders. Shareholders now have until August 16 to accept or reject the bid. Greencore already has the backing of Angel Street Capital, which holds 90.2pc of Uniq.

Ford reports ninth quarter of profits

MOTORING

US car maker Ford reported a fall in profit in the second quarter yesterday, signalling higher commodity costs were weighing on earnings. Second-quarter profit fell 8pc from a year ago to $2.4bn (€1.65bn), Ford said.

The second-largest US car maker said that it had earnings per share of 65c, excluding special items, topping analysts' estimate of 60c. Revenue was $35.5bn in the April-June period, up 13pc from the second quarter of 2010.

It was the ninth consecutive quarterly profit for Ford, the only major US car maker that did not seek a government bailout during the 2008-2009 financial crisis. "We delivered very good second-quarter results while growing the business globally and serving more customers in every region," Alan Mulally, Ford president said.

Irish Independent

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