Building materials firm CRH announced this morning that it has bought a major US concrete products business for  €348m.

The Pavestone group is headquartered in Dallas, Texas and operates a network of 18 concrete paver plants at 16 locations across the US. It also has decorative stone bagging plants at 14 of these locations.

The group has a workforce of 1,300 people. It had profits of $65m last year on revenues of $368m.

CRH said that Pavestone's operations complement the existing retail business of its Architectural Products Group, which operates from 30 paver plants and 11 bagging plants in 37 states. It added the deal represents good opportunities for synergies.

'The proposed acquisition of Pavestone represents an opportunity to build on our success in developing APG to the leading North American supplier of multiple landscaping products, enabling profitable growth and an improved ability to service our core professional and DIY hardscape markets,' commented CRH's CEO Liam O'Mahony.

Completion of the deal is subject to regulatory approval, CRH said in a statement.

Earlier this month, CRH reported revenues of nearly €21 billion, while pre-tax profits rose by 19% to €1.904 billion.

CRH shares closed down 89 cent at €23.64 in Dublin.