CRH eyes large deals to grow the Irish aggregate company

Material producer CRH already was set to become the third biggest aggregate company in the world off the back of deals made leading up to the merger cement giants Holcim and Lafarge, but the Irish company isn’t done expanding quite yet.

The Irish Examiner reports that the CRH is looking to spend nearly $900 million to purchase the second largest aggregate producer in South Korea, Tongyang Cement and Energy. The company is working with Goldman Sachs to  make the bid.

And the CRH chief exective Albert Manifold said back in May that the company has the strongest acquisition pipeline it’s had for a long time. And the company is taking advantage of it with a separate potential deal in the United States worth over $1 billion.

The company could end up spending nearly $9 billion on acquisitions in 2015. However, Manifold said the company usually only goes forward with about 10 percent of the deals they consider.

CRH already agreed to pay $7.4 billion back in February of this year for assets Holcim and Lafarge were required to divest leading up to their merger to become the world’s largest aggregate producer, LafargeHolcim. CRH is set to take over Holcim and Large assets in the Americas, Europe and Asia.

All of the moves have been enough for CRH’s share price to take off and the company could see the share price shoot up 24 percent.

Source

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