Europe / Middle East / Africa
CRH spends €0.25 billion on deals in first half of year
Jul, 03 2012
(Ireland) -- CRH said it has spent €0.25 billion on 18 acquisition and investment initiatives during the first half of 2012 as part of its continuing programme of development activity.
In an update, the building materials company said it had completed five deals in its Europe division, which were worth €155m.
These deals included a major addition to its RMI-oriented shutters and awnings division and two acquisitions by its construction accessories business which expand its footprint in southeast Asia and strengthen its existing business in the UK.
CRH said its distribution business added six builders merchants outlets in the Netherlands, and CRH also invested further in its materials associate in China.
The Americas division completed ten bolt-on deals across its operations in the six month period, adding 47 million tonnes of aggregates reserves. Its architectural productions business expanded its national packaged product operations with two deals adding plants in Texas, Louisiana and Florida. It also strengthened its masonry operations with an acquisition in Rhode Island. These US deals were worth €89m in total, CRH said.
The first half of 2012 also saw CRH sell its 49% stake in Portuguese cement producer Secil as well its Magnetic Autocontrol, which is headquartered in Germany.
''The bolt-on acquisitions completed in the first half of 2012 reflect our continuing strategy of completing acquisitions which fill out our regional and product level positions,'' commented CRH's chief executive Myles Lee.
He said the deals announced today bring total development spend over the past 12 months to about €0.7 billion.
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