CRH spent €700m on deals last year

Tuesday 07 January 2014 18.22
H2 deals include an investment in a joint venture at a cement firm in India and the acquisition of Mykolaiv Cement in Ukraine
H2 deals include an investment in a joint venture at a cement firm in India and the acquisition of Mykolaiv Cement in Ukraine

Building materials group CRH has provided an update of its latest round of acquisitions.

The stock exchange announcement covers the second half of 2013 in which CRH says it spent €0.22 billion on seven different deals. 

This brings the company's total spend for the full year to €0.69 billion.

They are in addition to previously announced deals which included an investment in a joint venture at a cement firm in India and the acquisition of Mykolaiv Cement in Ukraine. 

CRH said its 26% associate in China, Yatai Group Buildings Materials, completed the deal to buy Zhongbei Cement Company in September for €46m. 

The purchase brings Yatai's cement equivalent capacity to 32 million tonnes.

Three bolt-on acquisitions were completed by CRH'S America's Materials Division in the second half of 2013 for €33m. These included selected assets of Lafarge in western Colorado, the Mississippi assets of Rogers Group and some assets of Turner Gravel in the northwest of the country.

In its distribution division, CRH completed three deals worth €12m, including acquisitions in France and the US. 

"Development spend of almost €0.7 billion in 2013 reflected our strategic focus on establishing leading positions in attractive markets", commented the company's chief executive Albert Manifold. 

"During the second half of the year, we continued to strengthen our cement operations in high growth markets in Ukraine, India and China. The second half also saw several attractive bolt-on transactions which expand our aggregates positions in a number of key markets in the United States," he said.