CRH spends almost half a billion on acquisitions in first half of year
GLOBAL building materials giant CRH spent about €470m in the first half of the year on acquisitions, much more than the €250m it spent in the first six months of 2012.
In an update issued by the Irish firm this morning, CRH said that it made 17 acquisitions between January and the end of June. Proceeds from divestments and disposals, as well as an asset swap, amounted to €185m in the period.
CRH paid €178m for 12 acquisitions in North America, having acquired firms in Alberta, Canada, and in the Carolinas and Pennsylvania in the US.
In Europe, CRH paid €58m on five acquisitions, including one in Northern Ireland. It also expanded its network of cement import facilities in Britain and bought two concrete products manufacturing facilities in Belgium.
CRH chief executive Myles Lee said the company had continued to develop its portfolio across its six main business segments in the first half of the year.
“In particular, the acquisition in March of Expocrete, a major concrete products business in the attractive western Canada market, represents a significant expansion of CRH’s Canadian operations,” he said. “It brings total group annualised sales in Canada to €315m and complements our existing North American architectural products business.”
Shares in CRH were just over 1pc lower in Dublin this morning at €15.68, having risen over 2pc yesterday.