Tuesday 28 January 2020

CRH sells Benelux DIY business for €510m

CRH chief executive Albert Manifold and chairman Nicky Hartery
CRH chief executive Albert Manifold and chairman Nicky Hartery
Ellie Donnelly

Ellie Donnelly

Buildings material group CRH has sold a DIY business in the Netherlands and Belgium for €510m.

The business, along with certain related property assets, has been sold to Intergamma, a Dutch DIY franchise organisation, and a US real estate investor.

Earlier in the year Ireland’s largest company completed the sale of cement and ready-mix assets to Grupo Cementos de Chihuahua (GCC) following its acquisition of Ash Grove.

CRH purchased cement manufacturer Ash Grove for $3.5bn (€3bn) in a deal first announced last September.

Last year CRH recorded earnings of €3.3bn, a 3pc increase on the same period in 2016 on a like-for-like basis.

The group's strong performance in 2017 was driven by increases in underlying demand in the Americas, and continued positive momentum in Europe, the company said in its annual results presentation.

Earlier this year CRH announced the appointment of former Bank of Ireland CEO Richie Boucher to its board of directors.

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