CRH plans €350m share buyback and agrees to sell shutters unit for €300m
As it gears up for its annual general meeting this morning under the watchful eye of activist investor Cevian Capital, CRH is to buy back an additional €350m of its own shares.
It has also agreed to sell its European shutters and awnings business for more than €300m. Additional buybacks remain "under active consideration", it said.
The building materials giant, Ireland's biggest company, said yesterday that its first quarter got off to a strong start, with group sales up 7pc.
It said that like-for-like sales at its Americas Material unit were up 4pc in the first three months of the year, boosted by underlying demand and "pricing progress".
In Europe, sales at its materials division were 12pc higher, with what CRH said were positive trends in a number of key markets including Germany, Switzerland and Poland.
It said that milder weather conditions also aided the division.
CRH, whose chief executive is Albert Manifold, said that it's continuing to review its European distribution business and that all options remain under consideration in order to maximise shareholder value.