CRH sells stake in French joint venture for €37m
Published 15/04/2015 | 02:30
Irish buildings and materials firm CRH has sold it stake in a French joint venture to its partner for just under €37m.
French firm Doras, which operates specialist and general builders merchants, was jointly owned by the two companies. Doras is particularly prominent in the Burgundy and Franche Comté regions in eastern France.
CRH has now sold its 45pc stake in the company to the Samse Group, which already holds a 55% share in the firm. for €36.6m.
The move was recently given the green light by the Competition Authority.
Goodbody analyst Robert Eason said: "In its FY14 results CRH noted that it had divested of €0.35bn of assets with another €580m to complete in Q115. The Doras disposal highlights the continued progress here which will help drive returns back to peak."
CRH has also recently agreed to buy a number of mostly European assets from Lafarge and Holcim for €6.5bn so the French and Swiss firms can get competition clearance for their plan to create the cement industry's biggest company.
CRH declined to comment.