CRH spent €536m on investments in 2010
Published 06/01/2011 | 05:00
Building materials group CRH spent €367m on acquisitions and investments in the second half of 2010, bringing its spend for the year to €536m.
Chief executive Myles Lee said yesterday that the deals had contributed annualised sales of €800m to the group, of which €200m would be recognised in CRH's 2010 results.
During the second half of 2010, CRH's most expensive outlay was the €126m it spent to acquire a further 50pc of Germany-based builders merchant chain Bauking, bringing its shareholding to 98pc.
CRH acquired or invested in businesses in Switzerland, China, Belgium and the United States during the past year. Nine bolt-on transactions were completed by its Americas Materials unit for a total outlay of €108m, while the products division in the region paid €24m on three acquisitions.
The Europe Materials arm spent €84m, while the spend by the Europe Products and Distribution unit was €151m.
In November, CRH said that declines in sales and earnings had been stemmed and reaffirmed its €1.6bn earnings guidance for 2010. Like-for-like sales fell 4pc in the third quarter.