Building materials giant CRH today said that a multi-year €1.5-€2 billion divestment programme announced last August is well underway.
In a development strategy update, CRH said it completed 16 divestment transactions realising proceeds of €350m over the past year.
That compared to just €190m spent on 21 acquisitions during the year.
CRH completed eight acquisitions and seven sales in Europe last year. The deals included the purchase of Cemex Ireland and a precast concrete business in Denmark, as well as six purchases in the Benelux countries, France and Germany.
It sold its 50% stake in Turkey's Denizli Cimento as well as a number of readymixed concrete and concrete products businesses.
In the Americas, CRH said it completed 13 acquisitions and nine divestments.
"With a refined portfolio focus, the group is now well-positioned to pursue acquisitions which are in line with our long-term growth strategy," commented the company's chief executive Albert Manifold.
"The 21 transactions completed during 2014 comprise primarily bolt-on acquisitions for our existing operations in the Americas, together with the expansion of our builders merchanting network in Europe," the CEO added.
