CRH spent €220m on acquisitions in last 6 months of 2013
CRH spent €220m in the second half of 2013 on acquisitions and investments, bringing its full-year tally to €700m.
In an update issued on Tuesday, Ireland’s biggest company said its acquisitions in the last six months included assets in France, Colorado, Texas and Mississippi.
Its associate business in China, Yatai Group Building Materials also completed the €46m acquisition of Zhongbei Cement. Located in central Liaoning Province in northeast China, Zhongbei has significant cement-making capacity and the acquisition further consolidated Yatai’s position as the market leader in northeast China.
CRH chief executive Albert Manifold, who took up his post just last week, said that the development spend by the company last year reflected the company’s strategic focus on establishing leading positions in attractive markets.
Earlier in 2013, CRH paid nearly €100m for a cement business in Ukraine and invested in India.
“During the second half of the year, we continued to strengthen our cement operations in high growth markets in Ukraine, India and China,” said Mr Manifold.
CRH is currently engaged in a sweeping review of its entire operation. It’s expected to release the initial outcome of that review next month.
Shares in CRH were trading almost unchanged in Dublin this morning at €19.02. Source: The Irish Independent