Building materials giant CRH sells units for £414m
Building materials group CRH has sold its clay and concrete activities in Britain and its clay business in the United States for £414 million, it said Monday.
CRH has agreed to sell the divisions to funds managed by private investment firm Bain Capital for the equivalent of 523 million euros or $650 million, it revealed in a statement.
The group is selling clay businesses Ibstock in Britain and Glen Gery in the United States, as well as British concrete product firms Forticrete and Supreme Concrete. The transaction is not expected to close until the first half of 2015.
CRH is an international business with stock market listings in Dublin, London and New York.
"The disposal of CRH's clay products businesses in the UK and US is the latest development in the implementation of the company's portfolio review," noted analyst Barry Dixon at Davy Stockbrokers in Dublin.
"This deal ... brings to well over 900 million euros the total value of disposals made by CRH in recent months."
© 2014 AFP