CRH said yesterday that its US unit Oldcastle Materials has entered into exclusivity talks with Ashland that may lead to the acquisition of Ashland Paving And Construction (APAC).
CRH said in a statement to the Irish stock exchange that any deal would be subject to the approval of US regulators and the boards of both companies.
Ashland Paving, which has its headquarters in Atlanta, is a US aggregates, asphalt and construction company with extensive operations in 14 southern and mid-continent states, producing 32 million tons of aggregates and 32 million tons of asphalt annually.
In the 12 months ended March 2006, APAC had sales of $2.8 billion, with interest, tax, depreciation and amortisation (EBITDA) of around $200m.
CRH shares closed eight cent lower at €25.21 in Dublin this evening.
