CRH reveals €630m spend on acquisitions and investments
BUILDING materials group CRH spent nearly €630m on acquisitions and investments during 2012, it said this morning.
The outlay is slightly higher than what it incurred in 2011 and the figure includes cash payments of €500m and deferred consideration of about €130m.
CRH said that it completed 18 acquisitions and investments in the second half of 2012 at a cost of €375m.
That included 12 acquisitions in North America which cost €256m. A key investment was the acquisition of a majority stake in New Jersey-based Trap Rock Industries. It also completed five other bolt-on acquisitions. CRH also acquired seven paving facilities in Canada and Florida, as well as other operations in Washington DC, Detroit, California and Oregon.
In Europe, CRH paid €119m as a result of six transactions. It included acquisitions in Finland and the Isle of Man, where it bought assets that were owned by Mexican giant Cemex.
CRH chief executive Myles Lee said the company’s activity during 2012 reflects its “long-term, value-based approach to developing our balanced portfolio”.
Shares in CRH were 1.8pc lower in Dublin this morning at €15.56.