CRH complete sale of Americas distribution business for €2.2 billion

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”.

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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.

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