CRH adds another bolt-on in US
CONSTRUCTION giant CRH has bought a roofing business in the United States.
The Irish company added United Products Corporation, a building materials company that specialises in roofing, sliding, windows and decking products. Founded in 1925, the Minnesota-based company has 15 branches across the Upper Mid West in Minnesota, Wisconsin, the Dakotas and Nebraska. CRH has a 180-branch network across the US in this sector.
Terms of the deal were not disclosed, but it is estimated that the deal will add more than €100m in turnover to CRH. On average, branches in this business have annual turnover in the region of $8m (€6.1m) to $9m annually.
CRH did not comment on the deal. The firm usually confirms these 'bolt-on' acquisitions in a trading statement in January.
Goodbody Stockbrokers' Robert Eason said this acquisition "demonstrates that CRH continues to execute on its tried and tested bolt-on acquisition strategy".
By November, the Myles Lee-led company had spent close to €450m on 36 transactions.