CRH complete sale of Americas distribution business for €2.2 billion
By Aideen O'Flaherty
BUILDING materials company Cement Roadstone Holdings (CRH) has completed the sale of their Americas distribution business for $2.63 billion (€2.2 billion) in cash, after striking a deal with the American company Beacon Roofing Supply last August.
The Belgard Castle based firm, whose Americas distribution arm had been a part of the company for over 20 years, said last August that they decided to sell their Americas distributions business as a result of “the absence of value accretive acquisition opportunities and a lack of visibility as regards a route to market leadership”.
CRH stated that the money they have acquired from the sale will be used for acquisitions and investments.
One of these acquisitions includes CRH’s Europe heavyside business acquisition of Fels, a leading German lime and aggregates business, for €0.6 billion.
The integration of Fels with CRH’s existing business will give CRH a leading position in the European lime market while providing a platform for further growth.
Speaking last August after the deal for the sale of the Americas distribution was finalised, Albert Manifold, CRH Chief Executive, said: “We are pleased that our Americas Distribution business is being acquired by a highly respected industry player and we wish our colleagues every success as they enter this new phase of their development.”
In 2016, CRH’s Americas distribution business reported a pre-tax profit of €121 million.
