(LONDON) - CRH PLC, the Irish-based building materials group, said its US unit Oldcastle Materials Inc has taken a 50 pct stake in American Cement Co LLC (ACC) for 50 mln usd in cash.
CRH said the remainder of the company is held by the shareholders of Trap Rock Industries, a construction materials and contracting company in New Jersey.
The group said ACC has been formed to develop and run a cement plant in central Florida with an annual capacity of 1.1 mln tonnes.
The plant is due to start production in late 2008.
'The outlook for the Florida construction sector is excellent and, with up to 40 pct of total annual cement consumption in the state currently being imported, we believe there is real need for the local production capacity which ACC's new facility will add,' said Oldcastle chief executive Tom Hill.