Building materials group CRH says it has sold almost all of the assets of its Ivy Steel and Wire business in the United States for a total of $51m (€37m).
Ivy is based in Texas and makes welded wire reinforcement and wire products for concrete construction applications.
It was bought by CRH as part of its April 2006 purchase of MMI Inc. Ivy reported sales of $104m last year.
CRH has sold the business to Insteel Industries, one of the largest manufacturers of steel wire reinforcing products in the US.
The full-year profit guidance announced for CRH earlier this month included impairment charges related to the business; so it says the sale of Ivy should not result in a gain or loss on disposal for CRH.
