First publishedon www.AggBusiness.com
CRH has continued with its strategy of investing in key business areas with the company announcing investment of €200million in the first half of the year in acquisition of 21 companies.
The company released the figures along with news of its latest acquisition which expands its materials business in Europe. CRH has bought out Belgium-based VVM Group, which operates two cement grinding mills with a total capacity of 1.5million tonnes and two ready mixed concrete plants – one in Belgium and the other in France.
Commenting on the progress this year, CRH chief executive Myles Lee said, “The first six months of 2011 saw development activity continue across all six operating segments, strengthening our existing market positions and adding valuable and well-located aggregates reserves. The VVM transaction, which is subject to regulatory approval, represents an important strategic opportunity for our existing Cementbouw cement trading and readymixed concrete business in the Benelux, while also complementing our Products businesses in the region. The pipeline of potential acquisitions remains good, and with our strong balance sheet we have the capacity, where we see value, to capitalise on these opportunities.
“The Group’s proactive approach to portfolio management was reflected in the completion of a number of divestments which generated proceeds for reinvestment of approximately €345million in the first half of 2011.”